Regulatory Alerts2020-03-24 | Circular No. 4 of 2020Relief Measures to Assist COVID-19 Affected Businesses and Individuals
The Central Bank of Sri Lanka mandates licensed financial institutions to implement targeted debt moratoriums, interest subsidies, and credit card relief measures for businesses and individuals adversely affected by the COVID-19 pandemic. Financial institutions must provide six-month capital and interest moratoriums for specific vehicle lessees, private non-executive employees, and SME-linked sectors, while extending working capital at a 4% interest rate with waived payments. Loan applications must be submitted by 30 April 2020 and finalized within forty-five days, alongside reduced credit card minimum payments, extended cheque validity for balances under Rupees 500,000, and adjusted branch operating hours to maintain essential services during curfew.