RegAlert
2021-12-22 | Circular No. 13 of 2021

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Deferment of Recovery Actions Against Borrowers Affected by COVID-19 Pandemic

The Central Bank of Sri Lanka directs licensed commercial and specialized banks to suspend all recovery actions, including parate execution and forced repossession of leased assets. This directive extends the general suspension period until 31 March 2022 and maintains existing moratorium deadlines of 30 June 2022 for tourism industry borrowers. The policy aims to alleviate financial pressures on businesses and individuals affected by the ongoing COVID-19 pandemic.

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MONETARY BOARD
CENTRAL BANK OF SRI LANKA

22 December 2021 | CIRCULAR | No. 13 of 2021

DEFERMENT OF RECOVERY ACTIONS AGAINST BORROWERS AFFECTED BY COVID-19 PANDEMIC

The Central Bank of Sri Lanka, with a view to meeting the challenges faced by businesses and individuals due to the ongoing COVID-19 pandemic, requests licensed commercial banks and licensed specialised banks, (herein referred to as licensed banks) to suspend all types of recovery actions, including parate execution and forced repossession of leased assets 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. 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.

(Signature)

Nivard Ajith Leslie Cabraal
Chairman of the Monetary Board and
Governor of the Central Bank of Sri Lanka

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Lineage: In force

Concessions for COVID-19 Affect…2021Concessions for COVID-19 Affected Businesses and Individuals (2021-09-01)Extension of Debt Moratorium fo…2021Extension of Debt Moratorium for COVID-19 Affected Tourism Businesses and Individuals (2021-09-13)Deferment of Recovery ActionsAgainst Borrowers Affected by…2021-12-22 · this documentDeferment of Recovery Actions Against Borrowers Affected by COVID-19 Pandemic (2021-12-22)
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Timeline

This document amends: Concessions for COVID-19 Affected Businesses and Individuals

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Source: Central Bank of Sri Lanka — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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