Regulatory Alerts2020-03-27 | Circular No. 5 of 2020Rupees 50 Billion Six-Month Re-Financing Facility to Support COVID-19 Hit Businesses
The Central Bank of Sri Lanka issued Circular No. 05 of 2020 to implement a Rs. 50 billion re-financing facility supporting businesses and individuals adversely affected by the COVID-19 pandemic. The directive mandates financial institutions to provide debt moratoriums, waive penal interest on non-performing loans, and offer new working capital loans at a subsidized 4% interest rate to eligible sectors. Additionally, the circular suspends recovery actions, extends facility tenures, and prohibits late payment fees on credit facilities until September 30, 2020.
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