Central Bank encouraged lenders to restructure the loans for SMEs and self-employed

we are Talking about the possible restructuring of the loans. Simultaneously, it is recommended not to charge the borrower a penalty for improper performance of the contract or loan.

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the Corresponding letter the regulator sent to banks, microfinance organizations and credit consumer cooperatives. These measures will help to support small and medium businesses caught in a difficult situation, and will contribute to maintaining their capacity to serve their obligations in the future, specified in the message of Bank of Russia.

at the same time, the Central Bank gave banks the opportunity until 30 September 2020 not to increase reserves for possible losses on loans to enterprises of small and average business, if the financial situation of the borrower deteriorated in connection with the spread of coronavirus infection.

Microfinance organizations and credit consumer cooperatives may not increase reserves for debt overdue after February 1, 2020, and restructured in similar circumstances loans. The regulator allowed not to recognize them as such in the formation of reserves for possible losses.