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Sri Lanka banks give relief about 100 billion rupees in hotel borrowings for one year to help the tourism industry


Home > Blog > Sri Lanka banks give relief about 100 billion rupees in hotel borrowings for one year to help the tourism industry

Sri Lanka banks give relief about 100 billion rupees in hotel borrowings for one year to help the tourism industry

According to official said , Sri Lanka banks may give relief about 100 billion rupees in hotel borrowings for one year to help the tourism industry recover from the Easter Sunday attack.Governor Indrajit Coomaraswamy said that there have been 3,641 requests to banks for a moratorium.

"The amount considered for moratorium is 101 billion rupees and so far 945 requests have been approved and 2,696 are under process for approval."

"A very high proportion of that 2,696 will be approved, because when they are taken into processing they are broadly conforming with the requirement," he said.

In total, the tourism sector has borrowed 285 billion rupees from banks.The moratoriums are also applicable on borrowings from finance companies, which make up around 7 percent of the financial system.

Furthermore, Coomaraswamy said that the moratorium will not reduce bad loans in banks.

Published Date
2019-07-12

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