Regulatory Alerts2019-07-18 | Explanatory Note No. 1 of 2019Interpretations for Circular No. 01 of 2019 on Concessions Granted to Tourism Industry
The Department of Supervision of Non-Bank Financial Institutions issued Explanatory Note No. 01 of 2019 to clarify the application of moratoriums for tourism sector borrowers under Circular No. 01 of 2019. Licensed Finance Companies and Specialized Leasing Companies are permitted to grant moratoriums on performing credit facilities, convert due amounts into new facilities with capped interest rates, or extend maturities based on borrower requests. Additionally, unregistered service providers must register with the Sri Lanka Tourism Development Authority to qualify, and institutions must submit weekly cumulative reports of granted and denied concessions to the central bank.
Share