The Board of Directors of the National Bank of Serbia (NBS) has adopted a decree stipulating a new moratorium on payment of corporate and retail loans, which approves a further two-month postponement in payment of loans taken out by individuals and businesses.
The moratorium is granted for all loan liabilities that were supposed to be paid in the period from 1 August 2020 to 30 September 2020, as well as a deferral in repaying liabilities due in July of this year which the debtor has not yet repaid.
“The National Bank of Serbia has reacted effectively and decisively to the first blow of the pandemic, allowing citizens and businesses to delay the payment of their obligations to banks and financial leasing providers for a period of three months. Over 90% of loan beneficiaries have used this benefit,” the NBS Governor, Jorgovanka Tabaković underlined.
“Since the health crisis continues, the National Bank has decided to provide a further respite for our citizens and businesses, thus fulfilling the objective defined by law to preserve the stability of the financial system,” Tabaković continued.
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Banks / financial leasing service providers are obliged to offer natural persons, farmers, entrepreneurs and companies the option of delay in paying their loan obligations (moratorium) by 31 July 2020.
The notice on the offer of the bank / financial leasing provider will be published on their respective websites with information on the start of the application and duration of the moratorium, the calculation of interest rate, the method of payment of loan obligations after the moratorium expires, possible alternative methods of loan payment, as well as a representative example of the obligations of the debtor before and after the moratorium.
If the debtor does not specifically reject the offer within ten days of it being published on a bank or a financial leasing provider’s website, it will be considered as accepted.
The debtor may reject the offer of the moratorium via an email, by telephone or at the bank’s registered office, within 10 days of the date of publication of the notice of the offer, but may also withdraw from the current moratorium by making a request to the bank in the manner described above or by full payment of due and unpaid obligations.
The moratorium also applies to liabilities based on loans and credit products of the Bank (liability accounts and credit cards), as well as other products of the Bank (such as liabilities based on interest rate hedging instruments related to loans and/or credit products and bank guarantees).
On the other hand, the moratorium does not apply to obligations stemming from bank’s payment services (e.g. transaction fees, account maintenance fees), and for investment services, broker and seller transactions, safe deposit box services, etc.
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