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Russia wants to extend credit holidays due to pandemic

Russia wants to extend credit holidays due to pandemic
Photo: pixabay.com

For borrowers who have been affected by the coronavirus pandemic, they offer to extend the loan holidays. This issue will be discussed in the State Duma.

According to RIA News, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, announced the forthcoming discussion of extending credit holidays. The Credit Holidays Act entered into force on April 3, 2020. During the period of its validity, borrowers received a deferral from current loan payments, whose income fell by 30% or more.

Acceptance of applications from borrowers for credit holidays ended on September 30. Now the mechanism is proposed to be extended. According to Anatoly Aksakov, he is not aware of the Central Bank's opinion on this initiative. But in any case, the parliamentarian noted, it is necessary to give people the opportunity to repay loans without any problems by increasing the term of loans.

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