The Bank of Russia has taken the first step toward tour operators affected by the spread of the coronavirus: according to a statement on the Central Bank's website, travel companies will receive relief when applying for loans.
"The Bank of Russia, together with financial "Organizations are updating their assessment of the impact of the increased volatility in the currency and stock markets in recent days on their financial positions. If necessary, additional regulatory measures will be taken to enhance financial market stability," the regulator said in a statement.
It also notes that, given the spread of coronavirus infection and its impact on economic activity in certain sectors, the Bank of Russia plans to implement the following measures:
- Provide credit institutions with the opportunity, until September 30, 2020, not to worsen the assessment of the quality of debt servicing, regardless of the assessment of the financial position of the borrower from the tourism and transport sectors for loans restructured due to a reduction in the borrower's income against the backdrop of the spread of coronavirus infection;
- Provide credit institutions with the opportunity, until September 30, 2020, not to worsen the assessment of the financial position of borrowers from the tourism and transport sectors for the purpose of forming reserves for losses if changes in the borrower's financial position are caused by the spread of coronavirus infection.
As a reminder, it was previously reported that ATOR sent a letter to the Ministry of Transport requesting that airlines be required to refund 100% ticket prices or allow the rescheduling of departures for non-refundable fares.
Source: trn-news.ru