Regulatory Alerts2020-03-24
Added · Updated
Instruction No. 44 on the Suspension of Certain Regulatory Provisions Following the COVID-19 Pandemic
Instruction No. 44 suspends the application of certain regulatory provisions for credit institutions and microfinance institutions in the Democratic Republic of the Congo due to the COVID-19 pandemic. It mandates the immediate update of business continuity plans, postpones annual general meetings and board meetings for the 2019 fiscal year, and removes limits on loan restructurings. The instruction also requires the suspension of late penalties on non-performing loans, encourages the use of digital payment channels, and delays the minimum capital requirement of USD 50 million equivalent in Congolese Francs until January 1, 2022.
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