The Central Bank is ready to consider the idea of permanent credit holidays for business
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The Bank of Russia is ready to discuss the details of the initiative to transfer credit holidays for small and medium-sized businesses on a permanent basis. This was announced at the Opora Rossii forum by the chairman of the Central Bank, Elvira Nabiullina.
“We are now ready to discuss these details. In my opinion, this will also contribute to the fact that lending, including for longer periods, will develop more actively,” told Nabiullina (quote from Interfax).
She noted that “in the acute phase of the crisis, this is important for companies.” Small companies are afraid to take loans, as they may face problems due to changes in market conditions, the chairman of the Central Bank specified, adding that SME should be able to take a vacation once per loan.
Credit holidays were introduced in 2020 amid the COVID-19 pandemic. Citizens and businesses could take advantage of the support measure in the event of a decrease in income by 30% or more. Then, under the conditions of sanctions, the measure was extended until March 31, 2023. In April, the State Duma accepted a draft law extending credit holidays for citizens and SMEs until December 31, 2023. During this period, the borrower can apply to the lender for credit holidays under agreements that were concluded before March 1, 2022. Citizens and businesses in the industries defined by government of the Russian Federation, which were most affected by the sanctions.
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