ECONOMYNEXT – New active credit cards in Sri Lanka increased by 21,984 in December last year, the central bank data showed, as the country’s economic recovery and lower interest rates help boost the usage of them.
The number of total active credit cards recorded 2,166,186 by end December, compared to 2,144,202 by end November, showing an increase of 1 percent in the month.
The active credit cards have risen by 7.8 percent or 157,730 in 2025, the data showed.
Active credit cards in Sri Lanka rose by 4.8 percent or 91,371 in 2024 with the island nation’s economic recovery and strong promotions for credit cards 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
They say Sri Lanka’s economic recovery and stability have helped customers to use more credit cards than in 2023.
Some analysts said higher interest (penalty) rates on credit cards also had prompted some users to cancel their cards after the economic crisis and the same customers might be actively using the cards now due to declined rates.
Active credit cards fell 1.8 percent or by 39,991 in 2023 after the country declared bankruptcy in 2022 amid unprecedented hike in the Central Bank’s monetary policy rates.
The central bank spiked the interest rates sharply in April 2022 to fight against a 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/February 17/2026)