Regulatory Alerts2021-10-06 | Circular No. 9 of 2021Extension of Concessions for COVID-19 Affected Businesses and Individuals
The Central Bank of Sri Lanka requires Licensed Finance Companies and Specialised Leasing Companies to extend targeted loan concessions to borrowers experiencing COVID-19-related financial difficulties. Eligible borrowers may select from three restructuring options, including interest rate adjustments between 11.5 and 15 percent, full waiver of future charges for early settlement by March 2022, or extended moratoriums with deferred capital and interest repayments. Non-Bank Financial Institutions must suspend recovery actions for affected non-performing facilities, adjust Credit Information Bureau reporting to protect borrower credit scores, and accept concession applications by 1 November 2021.
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