Debt moratorium on tourism vehicles extended by further 6-months

The Central Bank of Sri Lanka (CBSL) has decided to provide further relief measures to assist tourism sector businesses and individuals who are adversely affected by the prevailing COVID-19 outbreak.

Hence, issuing a circular yesterday (16) the CBSL requested all 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.

 

 

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