May 02, 2020

Deadline for requests on debt moratoriums extended

The Central Bank of Sri Lanka taking into consideration the difficulties faced by the public due to the COVID-19 pandemic, has extended the April 30th deadline for submitting requests for debt moratoriums and 4% per annum refinancing facility for two months working capital, until 15 May 2020.

The CBSL said banks are required to consider the validity period of cheques valued less than Rs.500,000 that have expired, as valid until the 15th of May 2020.

The extensions were effected through Circular No.6 of 2020 dated 28.04.2020.

Eligible businesses and individuals are requested to contact respective banks with necessary information/documents on a timely basis, if they wish to avail themselves of the relief measures.

The measures require the banks to extend the existing tenure of loans eligible for moratorium, by the respective moratorium period.

Therefore, the Central Bank urged borrowers to repay the instalments subject to the moratorium during such extended period without any additional cost, so that by receiving such funds banks will also be able to strengthen their liquidity positions.