Regulatory Alerts2020-08-26 | Circular No. 8 of 2020Extension of Debt Moratorium for COVID-19 Affected Businesses and Individuals in the Tourism Industry
The Central Bank of Sri Lanka has extended its debt moratorium scheme to tourism sector businesses, individuals, and their employees for a six-month period from 1 October 2020 to 31 March 2021. Licensed commercial and specialised banks must convert due capital and interest into term loans recoverable from July 2021, waiving accrued penal interest and capping moratorium rates at seven percent for EMI loans. Eligible borrowers must submit requests by 25 September 2020, and banks are required to report monthly on moratorium utilization to ensure consistent implementation across the financial system.
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