Cbank advises restructuring loans of self-employed hurt by virus

MOSCOW, Mar 24 (PRIME) -- Russia’s central bank has recommended restructuring loans of small and medium businesses and self-employed people hurt by the spread of coronavirus, and granting credit vacations to them on request, the regulator said in a statement on Tuesday.

“The Bank of Russia has recommended creditors to restructure loans and credits issued to small and medium businesses, as well as to self-employed people, if the debtors’ state has worsened due to the spread of the coronavirus decease,” the statement read.

The recommendation is valid for banks, microfinance organizations and consumer credit cooperatives.

The central bank has also recommended insurance companies to suspend dividend payments and incentives for top management.

End