BOM Extends Timeline for Loan Moratoria to Ease Impact of COVID Crisis
BOM is extending, to December 31, 2020, the moratoria on loans granted by commercial banks to economic operators (including small and medium enterprises), households, and individuals under the COVID-19 support program. The terms and conditions of the moratoria remain the same, as communicated in April 2020.
The moratoria announced by BOM are deferments of the repayment of capital and interest, where applicable, on loans for a specified period of time. Under this program, commercial banks are providing a moratorium of six months on capital repayment for existing loans of economic operators, starting from March 23, 2020, that are being affected by the pandemic. Commercial banks are also providing a moratorium of six months on capital and interest repayment for existing loans for SMEs, starting from March 23, 2020. For households and individuals, the moratorium is six months on capital repayments beginning April 01, 2020. BOM had agreed to pay the interest on outstanding household loans for the period of April 01, 2020 to June 30, 2020. These moratoria aim at temporarily alleviating the financial constraints of the businesses, households, and individuals experiencing difficulties over the scheduled repayment of loans as a direct result of the COVID-19 pandemic. Applicants wishing to benefit from the moratorium on their existing loans must make a request to their respective commercial bank.
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Keywords: Middle East and Africa, Mauritius, Banking, COVID-19, Credit Risk, Loan Moratorium, Payment Deferrals, BOM
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