Active credit cards in Sri Lanka increased by 22,473 in March 2026, central bank data showed, with the total in circulation reaching 2,215,853 by month-end, EconomyNext reported.
The figure is up from 2,193,380 active cards at end-February and represents a 1% monthly increase. Across the first three months of 2026, active cards expanded 2.3%, ahead of the prior-year quarterly pace.
Active credit cards rose 7.8% (157,730) across 2025 after a 4.8% (91,371) gain in 2024, driven by Sri Lanka’s economic recovery and aggressive promotions amid falling interest rates. Analysts have noted that most banks have tied up with supermarkets and other vendors to promote card usage in the falling-rate environment.
Higher penalty rates on credit cards during the 2022 bankruptcy crisis prompted some users to cancel their cards. Active card numbers contracted 1.8% (39,991) in 2023 after the Central Bank sharply hiked policy rates to fight hyperinflation. Inflation moved from deflation in September 2024 back to positive territory by August 2025 amid eight successive policy rate cuts.
EconomyNext flagged a near-term risk to the trend: analysts expect issuance to slow as the country grapples with fuel rationing and the broader Middle East war fallout. The rupee selling at Rs. 340 — the highest published level of the cycle — has further squeezed real incomes.
