Borrowers of NBFIs get payment reprieve until Sept

Bangladesh Bank has extended a moratorium on the payment of loan installments to non-bank financial institutions (NBFIs) by three months to September 30, mirroring the facility given to borrowers from commercial banks amid the coronavirus pandemic.

In a circular issued on Wednesday, the central bank said the failure to repay a loan until September 30 would not be considered a default.

The central bank also sent a directive in this regard to the chief executives of all financial institutions.

Earlier on March 24, the central bank announced that the classification of loans would not be changed until June 30 due to the coronavirus crisis.

Highlighting the economic impact of the coronavirus epidemic, the central bank noted that industries, businesses and services were having difficulties resuming normal operations.

As a result, it issued guidelines aimed at minimising the effects of the COVID-19 outbreak on borrowers and their businesses.