The central bank has encouraged the creditors to further cutcosts in order to reduce lending interest rates, and prioritise loans for priorityproduction and business areas outlined by the Government.
It said it will deploy flexible monetary policieswhich will be closely incorporated with fiscal and other macro-economicpolicies to boost economic recovery. It will also pay particular attention to keepinginflation under control and stabilising macro-economy.
The SBV has also called on the banks to accelerate digitaltransformation, modernise their payment and operation systems, and promote theuse of contactless transactions, given that the pandemic is likely to linger onand technology is deemed as key to boost economic growth in the “new normal”.
The bank has requested the lenders to take better measures so as torestructure and handle bad debts to ensure the banking security, following thenewly-approved project on restructuring credit institutions and non-performingloans from 2021 – 2025./.
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