MEXICO CITY (Reuters) -Mexico’s central bank suggested that financial institutions temporarily suspend minimum credit card payments for borrowers affected by Hurricane Otis, the bank said in a statement on Thursday.
The central bank said it is also instructing lenders not to charge default interest and commissions for non-compliance with minimum payments due for those hurt by the devastating hurricane.
“Banking institutions should make transparent the support programs they offer,” according to the statement, which stressed that the transparency on lenders websites should include how debts will be collected after any non-compliance with minimum payments.
The bank said the measure will be in effect through next April.
Last week, Hurricane Otis tore through Mexico’s Pacific beach resort of Acapulco, as well as surrounding impoverished communities, leaving around 100 people dead or missing and causing extensive damage estimated at around $16 billion.
(Reporting by Kylie Madry; Editing by David Alire Garcia)
