Sri Lanka, Aug. 5 -- Savings rates compared to last year had reduced by 52.2% for fixed deposits and due to this savers will lose while investors will benefit said Advocacy Chair CFA Society Sri Lanka Ravi Abeysuriya said

"It benefits the rich because they have borrowings." Given the amendments to Withholding Tax with the highest rate of tax being 18 percent the reduction in rates could be 58.7%."

"Colombo Food Inflation for the month of June was 10 percent and given the prevailing rates that would result in a negative rate of real returns."

Abeysuriya called on people to be wary of the incentives to invest given the low rates as there was a high risk of mal investment.

He was speaking at the Chartered Financial Analyst Society of Sri...