Regulatory Alerts2019-05-21 | Circular No. 1 of 2019Concessions Granted to Tourism Industry
The Central Bank of Sri Lanka issued Circular No. 1 of 2019 directing Licensed Finance Companies and Specialised Leasing Companies to grant moratoriums to tourism sector borrowers affected by national circumstances. The directive mandates that performing loans outstanding as of 18 April 2019 be suspended until March 2020, with due amounts converted into term loans recoverable from July 2020 at agreed concessionary rates. Additionally, lenders are required to waive penal interest, maintain non-performing loan classifications during the moratorium, and submit monthly reports detailing the concessions granted to eligible individuals and entities.
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