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Monday October 25th, 2021
Banking

Sri Lanka credit cards can be used for foreign personal purchases not business: CB

ECONOMYNEXT – Credit cards can be used for cross border personal purchases but not commercial activities, Central Bank officials said, responding to complaints that some credit card transactions are not being processed by banks.

“For example if somebody want get a laptop for personal use they can,” Central Bank Governor W D Lakshman said.

“But if someone buys 10 or 15 laptops for commercial purposes that maybe questionable. ,”

No new regulations had been brought on personal credit cards. There were interest rate ceiling but not on foreign exchange, she said.

Some banks had told users that a premium of 7.5 percent will be charged on foreign exchange transaction as the central bank continued to publish a rate of 203 to telegraphic transfers, which was not available in the market.

“The CBSL did not bring any new laws for the transactions using credit cards,” Deputy Governor TMJYP Fernando, said.

“According to the current law a credit card can be use for personal purchases.

“That means current transactions of personal nature. It cannot be used for businesses, but such as purchasing items online, paying fees can still be done.”

However if customers have specific problems, the foreign exchange department can be contacted for help, she said.

Sri Lanka has been hit by severe forex shortages due to money printing by the central bank to finance a deficit and keep rates down. (Colombo/Aug21/2021)

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