The Central Bank of Uzbekistan has recommended that commercial banks provide customers with a grace period for repayment of the principal debt on loans until October 1, 2020.
This is due to the spread of coronavirus and it is done to mitigate the possible negative consequences for business entities related to the return of loans in the current conditions.
The Central Bank has recommended all commercial banks:
• to thoroughly study the possibility of repaying loans by enterprises that have a decrease in cash flow and delay in the implementation of projects due to the spread of coronavirus infection, including enterprises in the tourism and international freight transport sectors, business entities with major counterparties in countries with the highest prevalence of coronavirus, and also enterprises whose activities may be negatively affected by the measures taken in Uzbekistan to prevent coronavirus;
• to review the amendments to the terms of the loan agreement to provide a grace period for the repayment of the principal debt on loan until October 1, 2020, and to extend the deadlines for payments, based on the grace period granted.
At the same time, commercial banks were given the right not to change the classification of loan quality, the terms of which were revised on the basis of the above recommendations.