National Bank of Serbia imposes 90-Day Moratorium on Loan and Financial Lease Repayments

In the wake of the COVID-19 pandemic, the National Bank of Serbia (NBS) imposed mandatory temporary measures on banks and leasing companies in order to preserve the stability of Serbia’s financial system. Two decisions were adopted to that effect:

  1. Decision on Temporary Measures for Preserving Financial System Stability and
  2. Decision on Temporary Measures for Lessors Aimed at Preserving Financial System Stability.

Both Decisions took effect on 18 March 2020.

The measures oblige banks/ lessors to offer debtors/ lessees a suspension of payment obligations (moratorium) for no less than 90 days, or the duration of the state of emergency declared due to the pandemic.

Banks/ lessors are required to publish a notification on moratorium offer on their respective websites by no later than 21 March 2020.

During the moratorium, banks and lessors will not charge any default interest on past due outstanding receivables and will not initiate enforcement or enforced collection procedures or take other legal actions to collect receivables.

TSG will keep you timely informed of all news on this topic, and especially about the practical implementation of the temporary measures in the operations of banks and lessors. Please do not hesitate to contact us should you have further questions.

TSG Lawyers