Regulatory Alerts2020-11-09 | Circular No.11 of 2020Debt Moratorium for COVID-19 Affected Businesses and Individuals
The Central Bank of Sri Lanka directs Non-Bank Financial Institutions to extend a six-month debt moratorium for capital and interest to eligible borrowers affected by the second wave of COVID-19, effective from 1 October 2020. The scheme covers businesses and individuals in sectors such as tourism, manufacturing, and SMEs, requiring institutions to convert due payments into term loans with specific interest rate caps and waived penal interest. Borrowers must submit applications by 25 November 2020, while financial institutions are mandated to report moratorium details to the regulator on a monthly basis.
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