The Government aims to reduce bank lending rates to 7% (BLR), as soon as the economy recovers, Trade Minister Bandula Gunawarden stated.

Minister made these remarks, whilst addressing an event in Colombo recently.

"Interest rates have been reduced now.  During the Yahapalana Government, the interest rate was at 28%. It is doubtful whether any country can survive if the interest rate was at say, 20-25%.  We can’t do business with a double-digit interest rate.”

"A Single-digit interest rate on lending is available now. Once the economy recovers, our main aim is to reduce bank lending rates to 7%. Countries like; Singapore, Malaysia, UK, and the USA have already started implementing this Single-digit interest rate,” he said.