Relief for COVID-19 affected business and individuals

COLOMBO: The Central Bank of Sri Lanka (CBSL) has issued a circular extending the debt moratorium for COVID-19 affected business and individuals.

The Central Bank said: “With a view to meeting the challenges faced by businesses and individuals due to the second wave of COVID-19, the CBSL directs licensed commercial banks and licensed specialized banks to extend the debt moratorium for a further period of six months commencing from Oct. 1, 2020.”

The circular has been issued to give effect to the Scheme in a consistent manner across all licensed banks.

However, licensed banks may offer any additional concessions to borrowers in a way that the overall benefits to borrowers are not less than the benefits offered under the Circular, the Central Bank said.

Eligible borrowers may request for the moratorium on or before 30 November 2020 in writing or through electronic means.

Licensed banks are required to provide a simple format (hard form/ soft form) for affected borrowers to make the request and communicate the concessions, deadline and format for submission via printed and/or electronic means including email and SMS.