The Cabinet has approved to offer interest relief to citizens who have pawned gold jewelry in licenced banks.
Mortgage advances on pawned gold have surged from 210 billion rupees in 2019 to approximately 571 billion rupees by March 2024, marking a 172% increase.
The government will provide an interest subsidy of up to 10% per annum for mortgage advances not exceeding 100,000 rupees, applicable to loans taken on or before June 30, 2024.
The proposal, spearheaded by President Wickremesinghe has been approved to offer relief to low-income individuals severely affected by the economic crisis.
