Moratorium for NBFI clients too

The Bangladesh Bank on Wednesday has relaxed the loan repayment facility for the borrowers of non-bank financial institutions (NBFIs).

The central bank issued a notice in this regard saying that unclassified term loans cannot be classified if borrowers repay at least 50 per cent of their October-December installments by December 30.

Earlier on December 18, the BB provided the same facilities for the borrowers of banks.

The central bank move came after the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) requested for a relaxed loan classification policy till March next year.

The forum of the country’s top business people on December 12 requested the central bank to extend the loan moratorium till June 30 next year, arguing that the businessmen are still suffering due to the global economic crisis created by the Covid-19 pandemic and the Russia-Ukraine war.

The unpaid portion of the loans, payable in the April-December period, will be added to the next year’s loans and the installment sizes would be adjusted accordingly, the BB said.

The moratorium was first introduced in March 2020 amid the pandemic, enabling borrowers to avoid having their loans classified. The facility was extended several times till December 31, 2021.