ECONOMYNEXT – New active credit cards in Sri Lanka increased by 17,081 in February this year, central bank data showed, as the country’s economic recovery amid lower interest rates helps boost their usage.
The number of total active credit cards reached 2,193,380 by the end of February, compared to 2,176,299 by the end of January, showing a 0.8% increase for the month.
The number has expanded by 1.3 percent in the first two months of this month.
Active credit cards rose 7.8% (157,730) in 2025, following a 4.8% (91,371) rise in 2024. This growth was driven by the island nation’s economic recovery and strong credit card promotions amid falling interest rates.
Analysts have said most banks have tied up with super markets and other vendors to promote credit cards in the falling interest rate regime as the country’s economy has shown more-than-expected recovery
Sri Lanka’s economic recovery and stability have helped customers to use more credit cards than in 2023.
Some expects to number to gradually fall as the country has seen some economic slowdown with fuel rationing.
Some analysts noted that higher interest (penalty) rates on credit cards had prompted some users to cancel their cards after the economic crisis and those same customers might now be actively using the cards due to declined rates.
Active credit cards fell 1.8% (39,991) in 2023 after the country declared bankruptcy in 2022 amid an unprecedented hike in the Central Bank’s monetary policy rates.
The central bank sharply increased interest rates in April 2022 to fight hyperinflation.
However, the inflation slowed to a deflation September 2024 before turning to positive in August last year amid the central bank’s reduction of key policy rates eight times since June 2023. (Colombo/April 29/2026)