Relief Measures to Assist Covid-19 Affected Business and Individuals

MONETARY BOARD
CENTRAL BANK OF SRI LANKA
16 July 2020 CIRCULAR No. 07 of 2020
RELIEF MEASURES TO ASSIST COVID-19 AFFECTED BUSINESSES AND INDIVIDUALS The Central Bank of Sri Lanka, considering the potential adverse impact of COVID-19 pandemic on tourism sector businesses and individuals, requests licensed commercial banks, licensed specialised banks, licensed finance companies and specialised leasing companies (hereinafter referred to as Financial Institutions) to provide the following relief measures to eligible borrowers:

1. Financial institutions shall extend the existing 6 months moratorium period granted in terms
   of Paragraphs 2 and 3 of Circular No. 05 of 2020 issued on 27 March 2020 to 12 months in respect of capital outstanding of leasing facilities granted to tourism related vehicles.
2. Financial institutions may recover interest during the moratorium period from eligible
   borrowers referred to in paragraph (1) above, in a manner that is not inconvenient to the borrower.
3. Financial institutions shall waive off the accrued penal interest in respect of leasing facilities
   granted to tourism related vehicles.