BoN suggests commercial banks institute loan payment holidays

BoN suggests commercial banks institute loan payment holidays

The Bank of Namibia (BoN) announced various policy relief measures to curb economic adverse effects from the Coronavirus outbreak.
Part of the measures is to suggest that commercial banks allow for payment holidays, from between six to 24 months, on loans to help customers cope with the impact of COVID-19.
The central bank says this will enable banking institutions to play a role in supporting the economy.
It says banks should act in the National interest and according to the banks' policies.
Last week BoN decreased the repo rate from 6,25% to 5, 25%.