Regulatory Alerts2020-05-04 | Explanatory Note No. 3 of 2020Added · Updated
Interest Accrual during the Moratorium Period
The Central Bank of Sri Lanka issued explanatory notes for Licensed Finance Companies and Specialised Leasing Companies regarding interest accrual during the Covid-19 moratorium period. Interest continues to accrue at a concessionary rate and is converted into an interest-free term loan that must be recovered from borrowers after the moratorium ends. Borrowers must consent to one of two repayment options, which differ in tenure and applicable concessionary interest caps.
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