Regulatory Alerts2020-10-15
BCEAO Notice No. 011-10-2020 on Extending the Loan Payment Deferral Period for Credit Institutions Affected by COVID-19
The Central Bank of West African States (BCEAO) extends the loan payment deferral period for affected credit institutions until December 31, 2020, allowing eligible enterprises and employees to defer repayments for up to three months renewable once without interest or penalties. During this extension, impacted loans may be classified as healthy claims for prudential purposes, and microfinance institutions remain eligible under the same terms. The BCEAO will continue to monitor the pandemic's financial impact and may implement additional case-by-case measures to support the banking sector while safeguarding the West African Monetary Union's financial stability.
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