CREDIT CARD PAYMENTS

21 August 2020: An order was issued to LCBs, Licensed Specialised Banks (LSBs) and leasing companies informing further measures to promote lending introduced. This included to recduce interest rates on credit card advances to 18 per cent per annum commencing from the next billing cycle (Monetary Law Act Order No. 2 of 2020).

24 March 2020: A circular was issued to LCBs, Licensed Specialised Banks (LSBs) and leasing companies informing relief measures to assist businesses and individuals who were adversely affected by the outbreak (Circular No. 4 of 2020).

This included a debt moratorium on capital and interest, provision of working capital at an interest rate of 4.00 per cent per annum, capping of interest rates charged on credit card payments, reduction of minimum monthly payment dues on credit cards, extension of the validity of cheques, and to keep all branches of licensed banks open on non-curfew days and corporate branches to be kept open during curfew days.