Commercial Banks in Bulgaria Have 5 Days to Decide on Payment Moratoria

Bulgaria’s central bank BNB has adopted the guidelines approved by the European Banking Authority for private moratoria on payments in light of the Covid-19 crisis, BNR reported.

Payment moratoria are seen as an effective tool to address short-term liquidity difficulties for clients. Many businesses and citizens now experience difficulties resulting from the impact of the COVID-19 pandemic. Therefore, the BNB wants commercial banks to propose, within 5 working days, a common draft with rules regarding moratoria on payments. The rules should not interfere with the maintenance of commercial banks’ capital liabilities, the BNB informs.

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