Rs 370 billion principal loan payments deferred by SBP for half a million borrowers

• Over half a million borrowers have been able to defer their principal loan payments amounting to over Rs 370 billion
• More than 90 thousand requests are under process with the banks for deferment and restructuring/rescheduling
• Worker remittances went up by 5.5% or $980million in the current fiscal year

The State Bank, in a mission to maintain privacy and enhance financial literacy has issued updates on financial schemes that have been announced due to the Pandemic.

In a statement, SBP stated that "Over half a million borrowers have been able to defer their principal loan payments amounting to over Rs 370 billion, while over Rs 54 billion has been restructured or rescheduled." This was in line with earlier statements that scores of businesses, both small and large sized, have taken advantage of the schemes introduced in recent times.

They added that,"More than 90 thousand requests are under process with the banks for deferment and restructuring/rescheduling" in a bid to depict the increase in amount of loan bearers being relieved of payments due during this quarter.

The State Bank further announced that the monetary policy would be revisited on the 15th of May where a further rate cut is likely expected.

Worker remittances went up by 5.5% or $980million as the July – April FY20 amounted to around US $19 bn for the period.