Credit Card Usage Rises as Economy Recovers and Rates Fall
- CNL Reporter
- July 23, 2025
- Banking and Financial, News
- Credit Card
- 0 Comments
Credit card usage in Sri Lanka is on the rise as economic stability returns and interest rates continue to decline. According to Central Bank data, the number of active credit cards grew by 9,316 in May 2024, reaching 2,064,810—up 0.45% from April.
In the first five months of the year, active cards increased by 2.8%, reflecting renewed consumer confidence and an improving financial environment. For the full year, active cards have risen by 4.8% or 91,371, a turnaround from the 1.8% drop recorded in 2023, when Sri Lanka was reeling from a sovereign debt default and high interest rates.
Analysts credit the rise to aggressive credit card promotions by banks in collaboration with supermarkets and retail vendors. They also noted that some users who canceled cards due to steep penalties last year may now be returning as inflation eases and borrowing becomes more affordable.
