In other words, banks and NBFIs will have to maintain the same credit status of a borrower as on January 30 until the new deadline. This is the third extension of the loan moratorium facility for borrowers, first announced on March 24. “Businesses have not yet recovered the losses owing to the pandemic and there is the risk of a second wave,” said a central bank official requesting anonymity. Hence, the central bank extended the deadline considering this issue, he added. About 60-70 per cent of the borrowers had repaid their loans despite the central bank initiative, said Mominul Islam, chairman of Bangladesh Leasing and Finance Companies Association.

Source: Dhaka Tribune November 01, 2020 15:33 UTC