A silver lining during this trying time was the announcement of a moratorium.
President of the Saint Lucia Bankers Association, Ms. Carol Mangal, during the LIVE press briefing on Saint Lucia’s response to COVID-19 confirmed that banks on island would make available to the customers a moratorium on their commitments with their respective bank.
The news was a welcomed relief for customers, many of whom have been directly impacted by the Coronavirus, COVID19. To date, in Saint Lucia, the tourism industry has been hardest hit with news of hotel closures and flight cancellations sending shock waves through families who are heavily dependent on the tourism product for survival.
The moratorium, according to Ms. Mangal, will be facilitated by all banks for either three or six months. Clients will have the option according to their bank to opt in or opt out of the moratorium.
The definition of a moratorium is an authorized delay in an activity or obligation. An example of a moratorium is a deferment or postponement on the payback on loans.