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The central bank will introduce exemptions for some borrowers

The central bank will introduce exemptions for some borrowers
Photo: Bank of Russia press service

Because of the coronavirus, the Bank of Russia is ready to introduce exemptions for manufacturers of medicines, medical devices, workers in the tourism and transport sectors. Several support measures will affect credit institutions.

After jumps in exchange rates not in favor of the ruble and the wider spread of coronavirus in the world, the Bank of Russia began to develop measures to increase the stability of the financial market. At the same time, according to the bank’s press service, the stress tests of the Bank of Russia showed that the current financial system of the Russian Federation has become more stable and less dependent on oil prices.

Several mechanisms are offered for individual borrowers and entrepreneurs. When restructuring loans to workers in the field of tourism and transport, banks until September 30 of this year will not have to worsen the assessment of the quality of debt service and the assessment of the financial situation of the borrower. True, provided that the income of borrowers decreased due to the coronavirus infection.

For companies that produce drugs or medical equipment, by September 30, 2020, they will introduce a reduced risk ratio of 70% for ruble-denominated debt obligations and zero the premiums to risk ratios for foreign currency loans.

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