The Bank of Lao PDR has issued the Additional Decision on the Implementation of Credit Policy to Reduce Impacts of Covid-19 Pandemic No. 256 dated 13 May 2021 (“Decision”). The Decision outlines additional measures to reduce Covid-19 related hardship for loan customers of commercial banks and financial institutions whose ability to repay their loan obligations has been impacted by the Covid-19 pandemic and related lockdown measures.
The Decision requires Lenders to delay repayment of consumer/personal lending from May 2021 to July 2021 upon receiving evidence of hardship from affected customers. Lenders are prohibited from imposing additional interest or fees on loans which are subject to this Decision.
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