Food and wine producers will be able to lawfully delay payments on their loans for an average of 90 days, after a decision to that effect, adopted by the National Bank's Board, was published in today's issue of the Official Gazette. The measure will remain in effect until the end of 2015, IPN reports.

The decision concerns the loans taken out by entrepreneurs and companies involved in activities that include growing, processing, canning or selling fruit and vegetables; producing, processing or canning meat products; growing and selling grapes and producing or selling wine.

Speaking on Radio Moldova, National Bank governor Dorin Dragutanu said he hopes the measure will reduce the burden on this group of borrowers and will spare banks the trouble of having to build up additional reserves, or risk funds.

“While this measure alone will not be able solve all the problems faced by the producers and processors affected by the Russian ban on a variety of imports, coupled with other measures, such as the Government's decisions to pay compensations to fruit and vegetable growers and to relax the fiscal regime for them, this decision can help them overcome the difficult situation they are now facing”, said Dragutanu.

The measure will not apply to the loans taken out after 31 July 2014.