CBSL answers frequently asked questions about COVID-19 relief scheme

• What are the businesses/sectors eligible for the COVID-19 reliefs?
• Are cash backed facilities and housing loans excluded from reliefs?
• Why can’t the financial institutions grant these reliefs without any request?
• How will I know if I have been granted the concession, upon request?
• Can I apply for a concession without settling the existing arrears?
• Why has the financial institution deducted my loan installments even though I am eligible for the concessions?
• What will happen to the interest component during the concession/moratorium period?
• Are only personal loans eligible for these concessions?

The Central Bank of Sri Lanka decided to set up a refinancing facility in order to implement the decisions taken by the Cabinet of Ministers on 20.03.2020 to introduce a wide range of fiscal and financial concessions for COVID-19 hit business activities including self-employment businesses and individuals.

In this context, the Central Bank of Sri Lanka (CBSL) has released a series of answers to frequently asked questions related to COVID-19 relief scheme. These ‘Frequently Asked Questions (FAQs)’ have been compiled based on regulations issued by the Central Bank of Sri Lanka up to 06.05.2020 and the responses herein are subject to changes based on future regulations and/or amendments, if any, relating to the concessions granted to individuals and businesses affected by COVID-19, the Central Bank stated.

Accordingly, here are the answers of the most frequently asked questions about COVID-19 relief scheme;