Regulatory Alerts2020-09-30 | Circular No.09 of 2020Extension of Debt Moratorium for COVID-19 Affected Tourism Businesses and Individuals
The Central Bank of Sri Lanka issued this circular requiring licensed finance and specialized leasing companies to extend a six-month debt moratorium for COVID-19 affected tourism businesses and individuals, covering capital and interest payments from 1 October 2020 to 31 March 2021. Eligible borrowers must submit requests by 25 October 2020, allowing institutions to convert due amounts into term loans recoverable from July 2021 while waiving penal interest and capping annual rates at 11.5 percent. Non-Bank Financial Institutions must finalize new agreements by 30 November 2020 and submit monthly reports to the Department of Supervision detailing all granted or denied moratorium applications.
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