Uganda central bank extends credit relief measures to stem impact of COVID-19

Uganda’s central bank has extended Credit Relief Measures (CRM) for another six months in a bid to enable financial institutions restructure loan repayments of their clients whose businesses have been hit by the impact of the COVID-19 pandemic.

Bank of Uganda (BOU) in a statement issued here late on Monday said the extension of the measures starts on April 1.  The bank in April last year put in place CRM aimed at maintaining financial stability and reducing the economic impact of the pandemic. The measures were to last one year. During the period, borrowers are eligible to have their loans restructured for up to two times, and any further restructuring can be applied for and approved by BOU. Many businesses which were hit by the pandemic have appealed to government to urge financial institutions readjust their repayment plans.