Sri Lanka added 10,113 new active credit cards in January 2026, bringing the national total to 2,176,299 — a 0.5% monthly increase from 2,166,186 in December 2025, according to Central Bank data.
The growth extends a recovery trend that gained momentum through 2025, when the country added 157,730 net new cards for an annual growth rate of 7.8%, up sharply from 4.8% growth in 2024. The turnaround follows a contraction of 1.8% in 2023, when approximately 39,991 cards were cancelled amid the economic crisis that saw the country declare bankruptcy in 2022.
The Central Bank has reduced its key policy rates eight times since June 2023, unwinding the aggressive rate hikes imposed in April 2022 to combat hyperinflation. Inflation transitioned from deflation in September 2024 back to positive territory by August 2025.
Banks have capitalised on the lower-rate environment by partnering with supermarkets and retailers to promote credit card usage, analysts noted.
The credit card data offers a positive signal for consumer confidence at a time when Sri Lanka faces new economic headwinds from the Middle East energy crisis and the recently announced 44% US tariff on Sri Lankan exports, both of which threaten to test the durability of the post-crisis recovery.
