Skopje, 1 September 2020
Taking into consideration the prolonged effects of the covid-crisis, the National Bank held several meetings with representatives of the Macedonian Banking Association (MBA) in relation to a second period of deferred payment of the clients’ loan liabilities.
On completion of the analyses and after several meetings held with representatives of the MBA, we inform the public:
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The regulatory changes adopted by the National Bank Council provide that banks can offer their clients a second favorable change in the contractual terms for credit products. The aim is to help those clients who are negatively affected by the COVID-19 pandemic.
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The conditions and the manner of changing the contractual terms for a second period of delay of the repayment of loan liabilities should be defined by banks. In their offers, banks are expected to have clearly defined criteria for approval of a second period of deferred payment, in order to help the clients who are affected by the covid-crisis. At the same time, the manner of changing the contractual terms is expected to be most appropriate for clients and to provide rapid, comprehensive and efficient access to everybody who have an objective need for further easing of the financial burden due to the covid-crisis, and to protect their health as well.
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Thesecond period of deferred payment of loans to citizens affected by the covid-crisis can last up to 6 months, i.e. by the end of March 2021.
The regulatory possibility for the banks to offer their clients a second change in the contractual terms for credit products should contribute to further support for the economy as a whole, in dealing with the challenges imposed by the covid-crisis.
The National Bank constantly monitors the development of the events and the potential risks from the environment, as well as their effects on the domestic economy and if necessary, it is prepared to adequately adjust the policies and to respond in a timely manner with further measures, in accordance with its competences.
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