Rada with 349 votes extends moratorium on collection on currency mortgage loans until 2022

The Verkhovna Rada of Ukraine has extended the moratorium on the collection of property on foreign currency loans.

According to a correspondent of Interfax-Ukraine bill No. 3640 was supported by 349 MPs.

The head of the committee on finance, tax and customs policy said that the current moratorium will end in October 2020.

Earlier, the National Bank of Ukraine (NBU) called on MPs not to support the bill of MP from the Servant of the People faction Oleksandr Dubinsky, since this document prohibits banks from settling problem debts of foreign currency borrowers, in particular, 44,000 agreements totaling UAH 29 billion.

The moratorium was introduced for indefinite term in 2014 during the outbreak of the war and the economic crisis, but for six years some foreign currency borrowers have not started servicing loans due to the lack of leverage.

According to the NBU, in October 2019, a new bankruptcy code was launched, providing for a mechanism for restructuring the debt of mortgage borrowers, which will work in full only if the moratorium is lifted.

Source: www.en.interfax.com.ua