Central bank eases bank regulation amid coronavirus spread

MOSCOW, Mar 10 (PRIME) -- The Russian central bank has eased regulatory requirements for banks amid a spread of coronavirus, according to a statement released on Tuesday.

The banks will have the right not to worsen their debt servicing outlook regardless of assessment of solvency of tourism and transport debtors until September 30 on debt restructured in the wake of falling income because of the coronavirus. The banks will also be entitled not to worsen the outlook for the assessment of the financial state of borrowers for risk reserve calculation if the change in the financial state of the borrowers is caused by the coronavirus.

The central bank introduced a reduced coefficient of 70% for risk on credit claims to companies producing medicines, for the ruble loans and the risk coefficient for foreign currency loans to such entities was cut to zero. The measures will remain in force until September 30 as well.

The central bank promised additional supporting measures if needed.

End