The National Bank of Serbia decided to approve a third moratorium to repay loans and lease payments


During an extraordinary session of its Executive Board the National Bank of Serbia passed on 14th December, 2020 a couple of resolutions:

  • Decision On Temporary Measures To Be Taken By Providers of Finance Lease In Order To Adequately Manage the Credit Risk In the Situation of the COVID-19 Pandemic;
  • Decision Determining Temporary Measures Banks Need To Take To Adequately Steer the Credit Risk In the Face of the COVID-19 Pandemic.

Both resolutions came into effect on 15th December, 2020.

By virtue of these resolutions the National Bank of Serbia ordered banks and providers of finance lease to grant a payment relief to a debtor (be it an individual, farmer, entrepreneur or legal entity) who is unable to settle his/her liabilities to the bank/provider of finance lease, or could have difficulty settling them, as a result of the COVID-19 pandemic, upon his/her request.

Individuals eligible for the moratorium include:

  • Unemployed persons;
  • Persons whose average net monthly salary in the last three months was below the state average;
  • Persons whose average net monthly salary in the last three months did not exceed 120,000 RSD and whose net monthly income is at least 10% less than the income they had prior to 15th March, 2020, and who have a level of indebtedness, meaning the burden on their monthly income stemming from loans and other types of debt, higher than 40% of the amount of income.

The moratorium also applies to legal entities, entrepreneurs and farmers whose revenue in 2020 fell by at least 15% compared to the year 2019, or whose business operations were suspended for an uninterrupted period of at least 30 days due to the pandemic.

The relief as set out in the resolutions includes the rescheduling and restructuring of loans and debt derived from financial lease, with a grant of a grace period of 6 months and a suitable repayment deadline extension so that monthly obligations of the debtor do not exceed those indicated in the repayment schedule in effect before the granting of the relief. However, interest will continue to be charged during the grace period.

Banks and providers of finance lease are obliged to notify debtors of their right and conditions for submitting a request for a relief no later than 22nd December, 2020.

Debtors who satisfy all the requirements may send in their request to the bank either electronically or at its physical location by 30th April, 2021.

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