The Central Bank of Cyprus has recommended all local banks to assist citizens in this situation. It was decided to postpone payments on the body of loans for private and legal entities for 9 months. Also, until December interest on loans will not be charged.
Inspection measures have been weakened and the procedure for providing new loans has been facilitated. This is necessary to maintain the business, payroll and other needs and current payments. The state will also try to provide the necessary cash in the form of allowances, subsidies and subsidies.
Facilitation of lending conditions for both new and existing loans should give the economy a chance to stay afloat for several more months … in anticipation of an improvement in the epidemiological situation on the island and in the world as a whole.