FINANCIAL CHRONICLE – According to data from the central bank, the number of active credit cards in Sri Lanka rose by 10,113 in January 2026, reflecting an uptick in their usage as the nation’s economy shows signs of recovery aided by declining interest rates.
By the close of January, the total count of active credit cards reached 2,176,299, up from 2,166,186 at the end of December, marking a modest increase of 0.5% for the month.
In 2025, the number of active credit cards surged by 7.8%, amounting to an increase of 157,730 cards, following a 4.8% rise in 2024, which saw an addition of 91,371 cards. This growth is largely attributed to the country’s economic resurgence and aggressive promotions by credit card providers in response to falling interest rates.
Financial analysts have observed that many banks are collaborating with supermarkets and various retailers to enhance credit card offerings amidst the current low-interest environment, as the economy has rebounded more robustly than anticipated.
Experts assert that the stabilization and recovery of Sri Lanka’s economy have encouraged consumers to utilize credit cards more frequently compared to the previous year.
Some analysts pointed out that elevated penalty interest rates on credit cards led numerous users to cancel their cards following the economic downturn, but these individuals are now increasingly re-engaging with credit cards as rates have decreased.
In 2023, active credit cards experienced a decline of 1.8%, representing a drop of 39,991 cards, following the nation’s declaration of bankruptcy in 2022, which was accompanied by a significant rise in the central bank’s monetary policy rates.
The central bank had implemented sharp interest rate hikes in April 2022 as a measure to combat hyperinflation. However, inflation rates began to decline, reaching deflation in September 2024, before turning positive again in August 2025, coinciding with the central bank’s decision to lower key policy rates on eight occasions starting in June 2023. (Colombo/April 03/2026)
