The number of new active credit cards issued in Sri Lanka slowed sharply in April 2026, with the monthly addition falling to 12,999 from 22,473 in March, Central Bank data published in EconomyNext on Sunday showed.
The total stock of active credit cards in circulation reached 2,228,852 at end-April, up from 2,215,853 at end-March. That represents a 0.6% month-on-month increase. Across the first four months of 2026 the active base has expanded 2.9%, a slower pace than the quarterly run-rate implied by the January-March data.
EconomyNext attributed the deceleration to “rising uncertainty” following the escalation in the Middle East and the impact of domestic fuel rationing, which has been in place since March. Analysts cited in the report said the Central Bank’s 100 basis point policy rate hike on 26 May — its first tightening move after eight successive rate cuts since June 2023 — is expected to feed through into higher penalty rates on credit cards and to further dampen new-card activations in the coming months.
The April reading still leaves Sri Lanka comfortably on the growth trajectory established in 2024 and 2025. Active credit cards expanded by 7.8% (157,730) in 2025, after a 4.8% (91,371) gain in 2024, driven by the post-restructuring recovery, falling interest rates, and aggressive cross-promotions between banks and supermarket chains. The base contracted by 1.8% (39,991) in 2023 after the central bank’s emergency rate hikes during the bankruptcy crisis pushed penalty rates to punitive levels and prompted some users to cancel cards.
Inflation moved from deflation in September 2024 back into positive territory by August 2025 as the central bank cut rates. The market now expects a tightening cycle to begin in earnest as the rupee’s slide to near four-year lows and the fuel-driven inflation pickup feed into the CBSL’s next decision.
Sources: EconomyNext — Sri Lanka’s new active credit cards in April slows from previous month.
