Dramatic fall in credit card spending

Sri Lanka has noted a decline in credit card usage in May 2020 compared to April 2020 amid the coronavirus (COVID-19) pandemic. This was stated in the latest report by the Central Bank of Sri Lanka (CBSL) on credit cards issued by Licensed Commercial Banks (LCBs). Accordingly, the number of active credit cards in the country has declined to nearly 1,821,108 in May 2020 from 1,822,046 in April 2020. Moreover, the country had 1,829,927 active credit cards in December 2019 and this fell by 8,819 in the first five months up to end- May 2020. Further, the total outstanding balance of all active credit cards fell by a steeper Rs. 2,672 million in May alone to Rs. 116,498 million. Moreover, the total outstanding balance of all active credit cards in December 2019 was Rs.121,489 million and this fell by Rs.4,991 million in the first five months up to end- May 2020.    

The post Dramatic fall in credit card spending appeared first on Adaderana Biz English | Sri Lanka Business News.



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