Regulatory Alerts2023-03-31
Bank of Namibia Determination on Policy Changes in Response to COVID-19 Economic and Financial Stability Challenges
The Bank of Namibia issued this determination to implement targeted policy and regulatory relief for authorized banking institutions amid ongoing COVID-19 economic challenges. It mandates three core credit interventions—a general loan repayment moratorium of up to twenty-four months, distressed restructuring for non-performing loans, and a prohibition on adverse loan reclassification—while requiring burden-sharing and maintaining the no-borrower-worse-off principle. The regulation also delays the implementation of single-borrower concentration limits, extends loan write-off timelines under the Loss category to three years, and adjusts credit bureau reporting standards, with all measures remaining valid until April 2024.
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