Covid-19: Bulgaria central bank approves extension of loan repayment moratorium

Covid-19: Bulgaria central bank approves extension of loan repayment moratorium

Bulgarian National Bank (BNB) said on December 11 that it has approved the measures proposed by commercial lenders to extend the private moratorium on loan repayments, introduced in April in light of the Covid-19 pandemic.

The moratorium was meant to allow a delay in loan repayment without changing key criteria, such as the interest rate. Under the extension approved by BNB, the maximum allowed delay is now nine months (up from six months) and the end date of the moratorium is pushed back by one year to December 31 2021. The deadline for applications is March 23 2021, with banks given until March 31 2021 to approve applications. Loans that previously benefitted from the moratorium can be subject to a new payment delay, but no more than nine months in total – that is to say, if a loan had been previously granted a delay of six months, it can only receive a further three months under the expanded moratorium.

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