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2020-03-25 | Explanatory Note No. 1 of 2020

Interpretations for Circular No. 04 of 2020 on Relief Measures to Assist COVID-19 Affected Businesses and Individuals

The Central Bank of Sri Lanka issued Explanatory Note No. 01 of 2020 to clarify the implementation of relief measures for businesses and individuals affected by the COVID-19 outbreak. Financial institutions are mandated to accommodate customer requests for moratorium relief under items 1 and 2 of the original circular until April 30, 2020, and must finalize these arrangements within 45 days. Additionally, all branches are required to remain open from 8:00 a.m. to 1:00 p.m. on non-curfew days while operating with a minimum number of employees.

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Explanatory Note No. 01 0f 2020 Central Bank of Sri Lanka 25 March 2020. INTERPRETATIONS FOR CIRCULAR NO. 04 OF 2020 ON RELIEF MEASURES TO ASSIST COVID-19 AFFECTED BUSINESSES AND INDIVIDUALS The following interpretations are issued in relation to the Circular No.04 of 2020 dated 24 March 2020 on moratorium granted to affected business and individuals due to outbreak of COVID-19.

  1. In line with the Cabinet decision, Central Bank of Sri Lanka issued Circular to the licensed commercial banks, licensed specialized banks and leasing companies including licensed finance companies.
  2. Financial institutions are required to accommodate customers upon a written request being made by such customers for item 1 and 2 of the above circular until 30.04.2020 and financial institutions are required to finalise the same within 45 days.
  3. All branches of financial institutions shall be kept open from 8.00 a.m. to 1. 00 p.m. on non-curfew days with a minimum number of employees.
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