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CENTRAL BANK MAY FORGIVE DEBTS OF PEOPLE AFFECTED BY A FLOOD IN THE SOUTH OF RUSSIA

... borrowings, including mortgages. Debts will be completely forgiven in exceptional cases. What is more, the official letter of the Central Bank says that the financial institutions will not collect the pledged property. These measures will not affect the credit histories of borrowers. Therefore, there should be no difficulties for clients with new loans in the future. The Central Bank confirmed the information and said that this was not the first time that such a practice is used in natural disasters. Debts have already been written off and forgiven in other regions in connection with emergencies. For example, a year and ...

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