Bank of Abkhazia has recommended restructuring of borrowers’ debts

The National Bank of Abkhazia


SUKHUM -- It was recommended that credit-organisations of Abkhazia not apply penalties to certain categories of borrowers under the conditions of the quarantine-measures in force across the republic.

The National Bank of Abkhazia has recommended that credit-institutions restructure the debts of borrowers whose financial condition has worsened amid the introduction of the state-of-emergency in the republic. This was reported on the website of the National Bank.

Debt-restructuring will affect:

  • individuals who will not be able to pay the loan on time due to delays in the payment of wages, pensions or other permanent income,
  • legal entities and individual entrepreneurs whose payments will be suspended due to restrictions on business-activities.

On Tuesday 31 March, the elected president of Abkhazia, Aslan Bzhania, proposed to acting head of state Valeri Bganba consideration of the possibility of deferring credit-payments to the Sberbank of Abkhazia for citizens against the background of the situation with the threat of the spread of coronavirus.

The president-elect also made a similar appeal to the heads of commercial banks in the republic.

On Wednesday 1 April, Valeri Bganba, in his role as Prime Minister of the Republic, signed a decree also aimed at supporting the economic situation in the country - import duties on a number of essential goods and medicines were cancelled.

The state-of-emergency is in force from 28 March to 20 April.

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