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Sri Lanka central bank approves Rs100bn re-finance credit, deadline extended

ECONOMYNEXT – Sri Lanka’s central bank said it had approved over 100 billion rupees under a subsidized credit scheme for Coronavirus hit borrowers, and the deadline had been extended till September 30.

Businesses in the services sector had taken 50 percent of the loans, industry had taken 34 percent and agriculture 16 percent.

Banks had disbursed 68 billion rupees of loans out of the 100 billion approved by the central bank.

Bank of Ceylon had accounted for 21 billion rupees of the loans, Commercial Bank 18.4 billion rupees, Hatton National Bank 11.9 billion rupees, People’s Bank 11.33 billion rupees, Seylan Bank 8.79 billion, NDB 8.7 billion rupees and Sampath Bank 6.93 billion rupees.

The central bank said the deadline for applications had been extended to September 30.

The loans have a repayment period of 24-months, including a grace period of 6-months.

The re-finance credit is coming amid import controls.

(Colombo/Aug26/2020)

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