Skopje, 22 March 2020
In an interview with the Macedonian Radio Television (MRT), Governor Anita Angelovska Bezhoska explained the benefits from the regulatory changes adopted by the National Bank Council on Friday and answered a number of questions raised in recent days.
• Banks and savings houses will ease the financial burden on citizens and businesses affected by the corona crisis in multiple ways:
- extension i.e. grace period for loan repayment;
- prolonging of loan repayment for an extended period;
- lower interest rate, or
- approving a new, more favorable loan to refinance the existing one, etc.
• This applies to all credit products:
- consumer, home, car loans etc.,
- credit cards,
- corporate loans.
• It ensures a timely favorable change to credit standards to prevent loans from becoming non-performing. By the end of September, any default of up to 150 days will not be considered a non-performing loan.
• Banks and savings houses are also part of this process and support the regulatory changes. They shall adhere to the clearly set criteria in the Decision on the methodology for credit risk management adopted by the National Bank Council.
• Banks and savings houses expressed their willingness to respond to the requests of the borrowers concerned. They are motivated to offer the borrowers favorable opportunities to change the existing contractual terms. Moreover, it is for their benefit to help companies get over this shock and be able to survive in the long run and accordingly, service their liabilities.
• The regulatory changes that ease the financial burden on borrowers will be valid until the end of September, but may be extended as needed.
• The National Bank has no legal power to call for a moratorium on loan collection. Yet, compared to a moratorium, the regulatory changes offer a broader set of benefits for the citizens and businesses (extension, interest rate change, etc.).
• The National Bank has given its utmost within its mandate to ease the financial burden on the borrowers concerned.
• Regulatory changes we have adopted provide much more benefits for the citizens and businesses.
• Successful and efficient implementation of the opportunities derived from the regulatory changes can significantly ease the financial burden on the citizens and businesses concerned.
• The National Bank, the Ministry of Finance and the Macedonian Banking Association have been working on a decree to establish simpler way of communicating and regulating the contractual relationships between the borrowers concerned and the banks and savings houses. The most effective way is about to be found and will be communicated to the citizens.
The governor reiterated that:
• The savings are secure!
• The denar remains stable!
We have been constantly monitoring the developments and potential risks from the surrounding, as well as their effects on our economy, and are prepared to adjust policies accordingly and respond timely within our mandate.
The video interview is available on the National Bank's social networking websites.
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