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National Bank: Return to practice of banks’ work with borrowers is premature

At the moment, the National Bank believes that it is premature to consider the issue of returning to normal practice of banks’ work with borrowers in terms of charging and levying penalties, fees and other payments. Official website of the bank says.

At the same time, the National Bank of the Kyrgyz Republic stresses that the norms of the resolution of the Board of the National Bank dated March 18, 2020 on deferred credit payments are in force today. They will act until an appropriate decision is made.

«Given the wave-like nature of the COVID-19 epidemic and the uncertain timing during which it is possible to improve the situation and return to the activities of all individuals and business entities in Kyrgyzstan, it’s premature to talk about return to the usual practice of relations between banks and borrowers,» the National Bank says.

The National Bank of the Kyrgyz Republic constantly informs banks about the urgent need for work on revising payment terms and other conditions for loans to borrowers affected by the spread of coronavirus infection COVID-19 and related restrictions, taking into account the financial capabilities of the borrower. In connection with the introduction of new restrictive measures by the state and persistence of the difficult epidemiological situation in the country, the National Bank recommended banks to continue working in this direction.

«Individuals and business entities who have previously received a deferral of loan payments, but still having problems with further repayment due to the current situation, can re-apply to banks to increase the deadline for granting a deferral by the bank, revising the repayment schedule, or changing other terms of the loan agreement,» the National Bank noted.