We are continuing to assess the quality of the loans that benefited from the support measures adopted during the pandemic. So far, the non-performing loan rate for the credit benefiting from the state guarantees has remained low, notwithstanding the fact that for most of such credit the principal grace period, i.e. the stage where only interest payments were to be made, has already elapsed.
Over time the Bank expects that our focus will narrow to just those issues related to capital and financial flows and how these can be managed for the benefit of the economy. The Bank anticipates a further rapid shift in delegated responsibility to commercial banks to process foreign currency applications for trade-related payments.