Cyprus Mail

Coronavirus: suspension of foreclosures extended until August 31

The suspension of foreclosures has been extended until August 31, the association of banks said on Friday.

In a statement, the association outlined that the foreclosures for immovable property had been suspended between March 18 until June 18 as per a previous decision.

This has now been extended until August 31, 2020 after taking into account the “current condition of the economy and the consequences this pandemic caused the Cypriot market.”

In March, the government issued a decree ordering all licensed banks in Cyprus to suspend the collection of loan installments – including interest – until the end of the year.

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