Relief measures on tourism sector businesses & individuals further extended

Jul 17, 2020 (LBO) – Considering the potential adverse impact of COVID-19 pandemic on tourism sector businesses and individuals, the Central Bank requests financial institutions to provide the following relief measures to eligible borrowers.

  1. Financial institutions shall extend the existing 6 months moratorium period granted in terms of Paragraphs 2 and 3 of Circular No. 05 of 2020 issued on 27 March 2020 to 12 months in respect of capital outstanding of leasing facilities granted to tourism-related vehicles.
  2. Financial institutions may recover interest during the moratorium period from eligible borrowers referred to in paragraph (1) above, in a manner that is not inconvenient to the borrower.
  3. Financial institutions shall waive off the accrued penal interest in respect of leasing facilities granted to tourism-related vehicles.