Debt moratorium for tourism sector businesses & individuals extended for six more months

Aug 31, 2020 (LBO) – Sri Lanka’s Central Bank requests licensed banks to provide a debt moratorium to COVID-19 affected businesses and individuals in the tourism sector for a further period of six months commencing from 1 October 2020 to 31 March 2021.

Central Bank has observed that the proposed scheme may not cause an undue level of stress or threaten the stability of the banking system considering the lower level of exposure to the tourism sector by licensed banks, the capital buffers maintained by licensed banks and measures proposed by the Ministry of Tourism to revive the tourism industry.

Accordingly, the Central Bank has issued a circular to give effect to the scheme in a consistent manner across all licensed banks.

Licensed banks, however, may offer any additional concessions to borrowers in a way that the overall benefits to borrowers are not less than the benefits offered under this circular.

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