The grace period granted to businesses with loans exceeding Rs. 50 million under Sri Lanka’s Parate Execution Law officially expires at midnight today.
The Central Bank of Sri Lanka announced that the relevant relief will only be available to small and medium-sized businesses that initiated discussions with banks before 31st March this year.
Meanwhile, SMEs with outstanding loans between Rs. 25 million and Rs. 50 million will continue to benefit from the grace period until 30 September 2025.
The Parate Execution Law allows banks to seize assets of defaulting borrowers without court intervention. (Newswire)
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