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Interview with AUCC Chairperson Carolyn Lamm Before 2012 Uzbekistan-US Annual Business Forum

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The Central Bank recommends measures to mitigate possible credit risks associated with the consequences of the spread of coronavirus infection

www.uzdaily.com/en
17 March 2020

In order to mitigate possible negative consequences for businesses related to the repayment of loans in the context of the spread of coronavirus infection, the Central Bank recommended to all commercial banks:

- thoroughly examine the possibility of repaying loans by enterprises that have a decrease in cash flow and delay in the implementation of projects due to the spread of coronavirus infection, including enterprises in the tourism and international cargo transportation sectors, business entities with major counterparties in countries with the highest prevalence of coronavirus, and also enterprises whose activities may be negatively affected by the measures taken in Uzbekistan to prevent coronavirus;

- based on the results of a study of real cash flows and customer capabilities, as well as the expected timing of the projects, it is recommended to revise the issues of amending the terms of the loan agreement to provide a grace period for the repayment of the principal debt on the loan until 1 October  2020 and to extend the deadlines for payments, based on from the grace period granted.

At the same time, commercial banks were given the right not to change the classification of loan quality, the terms of which were revised based on the above recommendations.