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Central Bank requests banks to suspend parate execution & forced repossession of leased assets

Sri Lanka's Central Bank with a view to meeting the challenges faced by businesses and individuals due to the ongoing COVID-19 pandemic, requests banks to suspend all types of recovery actions, including parate execution and forced repossession of leased assets.

In a circular to all licensed commercial banks and licensed specialised banks, the Central Bank requested to suspend all types of recovery actions, as follows:

  1. Licensed banks shall extend the suspension of all recovery actions stipulated in the Circular No.8 of 2021 dated 01 September 2021 on Concessions for COVID-19 Affected Businesses and Individuals up to 31.03.2022.
  2. The requirement to suspend all recovery actions stipulated in the Circular No.
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    10 of 2021 dated 13 September 2021 on Extensions of Debt Moratorium for COVID-19 Affected Businesses and Individuals in the Tourism Industry up to 30.06.2022 shall remain unchanged.
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