Information about certain measures taken by governments in the Kinstellar jurisdictions in relation to the COVID-19 situation This table reflects the situation on 15 May 2020 South Eastern Europe
Bulgaria Romania Serbia Turkey
1. Travel Restrictions
1.1 Incoming Closed borders for foreigners from Not allowed to fly from Spain, Italy, State of emergency abolished on 7 Land borders closed with Bulgaria, third countries and individuals France, Germany, Austria, Belgium, May 2020. Entry prohibited to all Greece, Iran, Georgia, Azerbaijan regardless of their citizenship arriving Swiss Confederation, United States foreign citizens with the exception of and Iraq. from the following EU Member States of America, United Kingdom of Great diplomats accredited in Serbia, Passenger sea crossings between and members of the Schengen area: Britain and Northern Ireland, foreigners with residence permits, Greece and Turkey are also closed. Italy, Spain, France, United Kingdom Kingdom of the Netherlands, Turkey crew of cargo vehicles, cargo ships and Northern Ireland, Germany, and Iran to Romania, except for and airplanes, crew of trains entering Switzerland, Austria, Belgium, several situations, as of 15 May, for border stations, persons provided by Iceland, Liechtenstein, Luxembourg 14 days. a special permit of the Serbian and the Netherlands. Mandatory self-isolation at home or Government and persons escorting Some categories such as individuals quarantine, as the case may be, for humanitarian convoys. with extended, long-term or all persons entering Romania, with All Serbian citizens entering Serbia permanent residence permit status, several exceptions. are subjected to the 14-day medical and social professionals and Prohibition of foreign citizens and mandatory quarantine. workers, transport personnel, foreign stateless persons to enter Romania, officials, etc., are excluded from the with several exceptions. scope of the restriction. International road transport of There is a general prohibition of persons from Italy, Spain, France, passenger traffic with several Germany, Austria, Belgium, Swiss exemptions with regard to country of Confederation, the United Kingdom departure, residence permit etc. of Great Britain and Northern Ireland, the Kingdom of the Netherlands and
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Bulgaria Romania Serbia Turkey Mandatory quarantine for all Turkey to Romania is suspended incoming Bulgarian citizens and until 1 June. foreign individuals regardless of the Temporary closure of parts of the country of departure. The same border. applies for cargo transport drivers incoming from countries with registered COVID-19 cases, airplane crew with registered COVID-19 case among the passengers. Organized trips and holidays of foreign citizens in Bulgaria are suspended.
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Bulgaria Romania Serbia Turkey
1.2 Outgoing All training and business trips are No flights allowed to Spain, Italy, Medical staff is advised to avoid All international flights are prohibited. France, Germany, Austria, Belgium, travelling to main COVID affected suspended. Traveling outside Bulgaria is not Swiss Confederation, United States areas. prohibited, but the government of America, United Kingdom of Great Border crossings with neighbouring advises citizens to withhold traveling Britain and Northern Ireland, countries are closed for passenger and to postpone or cancel booked Kingdom of the Netherlands, Turkey transit, except for persons that were holidays. and Iran, except for several granted with a special permission by situations, as of 15 May, for 14 days. Organized tourist trips and holidays the government. of Bulgarian citizens abroad are International road transport of suspended. persons from Romania to Italy, Spain, France, Germany, Austria, Citizens who decide to travel outside Belgium, Swiss Confederation, the Bulgaria must conclude health United Kingdom of Great Britain and insurance. Northern Ireland, the Kingdom of the Netherlands and Turkey is suspended until 1 June. Temporary closure of parts of the border.
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Bulgaria Romania Serbia Turkey
2. Other Restrictions
2.1 Free Restricted to going to work, visiting As of 15 May, free movement of Movement not restricted, but Citizens at the age of 65 and older Movement grocery shops, pharmacies, banks persons outside their house is measures of social distancing are in (except government officials and and insurance offices, offices of allowed inside the locality, provided place. Persons over 65 years of age healthcare personnel) and at the age suppliers of payment services. that the measures to prevent the are advised to limit movement of 20 and below, as well as who have Individuals visiting or moving in spread of the infection are observed outside their homes. low immune system and chronic lung public indoor premises or outdoor and forming any group of persons disease, asthma, COPD, (more than 3 persons living together) cardiovascular disease, kidney, spaces (including, but not limited to public transport, shopping facilities, is avoided. Movement of persons hypertension and liver disease and parks, churches, monasteries, outside localities is allowed only in those who use medicine that disrupt temples, halls, streets, bus stops) certain situations. the immune system are not allowed must wear disposable or reusable Inside commercial spaces, public outside and if they violate so, an protective face mask or other transportation, at work and in other administrative fine shall be applied. protective item covering the nose and enclosed spaces, it is mandatory to The rest of the citizens are mouth (including scarf, etc.). wear a mask covering the nose and encouraged to stay inside. Travelling to and from district cities is mouth. A mandatory quarantine for 14 days made via checkpoints and is allowed When entering Romania, drivers of is applied to the citizens who came only in respect of commuting to work, freight vehicles with maximum from abroad. going home or due to medical authorized capacity of more than 2.4 All public transportation vehicles will reasons (all to be evidenced by tonnes, not having symptoms temporarily accept 50% of the respective documents). associated with COVID-19, fill out an passenger carrying capacity stated in Separate neighborhoods in a few affidavit indicating how they can be their license and distanced seating cities and a small village are in full contacted. Same measures apply to will be provided. mandatory quarantine with drivers of passenger vehicles with No internal travels (including bus, prohibition for entering and leaving. more than 9 seats. flights, personal vehicles) are allowed without a Travel Permit Document which shall be obtained from the governorship.
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Bulgaria Romania Serbia Turkey As of 11 May, the measure of Taxis with licence plates ending with quarantining Tandarei city, Ialomita odd and even numbers will be in county has been released. service on a rotating basis each day As of 13 May, the measure of in İstanbul, Ankara and İzmir quarantining Suceava Municipality provinces. (together with eight other communes No entrance and exist are allowed for located in the surrounding area) has certain provinces and districts which been released. have the COVID-19 cases. Mandatory quarantine for thirty-one provinces (incl. Istanbul, Ankara and İzmir) during weekends.
2.2 Closures As of 13 March 2020, all public Closure of schools / universities / Public gatherings in open and closed All public places such as schools, (public places, places such as schools, universities, restaurants / coffeeshops, clubs, spaces are limited to a maximum of universities, education services, shops etc.) kindergartens, shopping centres, casinos, shopping centres with a built 50 persons. restaurants, sports, entertainment restaurants, night clubs, etc. are area of more than 15,000 sqm. Schools, universities and theatres places, theatres, cinemas etc. and closed. Drive-in, room-service, client delivery have been closed. Kindergartens, retail facilities closed with the Exception is made for food stores, and take-away services are allowed. restaurants, cafes, shopping malls, exception of groceries, pharmacies and selected vital supplies and pharmacies, bank and insurance Suspension of cultural, scientific, personal care activities, casinos, and services. offices, offices of payment services artistic, sports, entertainment or gyms are in the process of gradual providers in the commercial centres gambling, spa treatment held in re-opening, but complying with The highest number of customers in subject to strict compliance with the confined spaces. necessary safety precautions is the supermarkets will be one tenth of sanitary and hygiene requirements. mandatory (e.g. social distance, the total area served directly to the As of 15 May, beauty salons, dental wearing protective equipment, etc.), customer and the working hours of Prohibition of eating food at dining offices, museums and parks are and their activities are somewhat the supermarkets are shortened. areas and stores of gas stations has reopened and outdoor recreational restricted. Grocery stores, Citizens who do not have masks are been introduced. activities are allowed. pharmacies, banks, post offices are not allowed to get in the Prohibition of all public events, open, but their working hours are supermarkets. gatherings and activities has been shortened and complying with introduced. Prohibition of visits to
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Bulgaria Romania Serbia Turkey public parks, gardens and necessary safety precautions is Many banks changed their opening playgrounds. mandatory. and closing hours of their branches Traveling to and from arable land Public transport of passengers is in as 12:00-17:00 plots and farms, as well as the process of re-opening, but All meetings or events (scientific, functioning of farmer’s markets are complying with necessary safety cultural, artistic etc.) which will be permitted. precautions is mandatory, and certain organized in open or closed areas at restrictions will apply (e.g. maximum national and international level are number of passengers per vehicle, postponed until the end of April. mandatory wearing of masks etc.). Religious communities are advised to perform their rituals without presence
of their members.
3. Measures affecting certain industry sectors
3.1 Any No restrictions except for certain Specific restrictions for certain types Certain types of goods cannot be Export restrictions on protective general import/ types of medical products (see 3.4 of medical products and biocidal exported, e.g. sunflower oil, flour, equipment (masks, gloves, etc.) and export below). products soap, diapers, alcohol, medical ventilator machines. restrictions protective gear. Prohibition of export of medical protective gear does not
apply to EU countries.
3.2 All premises falling in the scope of No measures yet in place. The Directorate General of Land and Commercial the adopted restriction for visits (see Cadastre will not take any requests landlords/ 2.2 above). other than sale, mortgage and title tenant Possibility for municipal councils to deed transactions without citizen adopt decisions for reduction of the requests. amount of rents for municipal properties or partial or entire payment exemption of certain
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Bulgaria Romania Serbia Turkey categories of natural or legal persons. Upon decision of the Council of Ministers, the ministers, regional governors and heads of other agencies that have provided for rent or usage state-owned property, could reduce or exempt the rent payments.
3.3 Banks During the state of emergency, no The Romanian Government have Loan and leasing repayment The 90-day delay period that causes default interest and penalties will be recently enacted loan moratorium moratorium in place for 90 days the loans to be classified as non- due on late payments under credit measures that allow bank debtors and/or not less than the duration of performing loans shall be extended agreements and other forms of (whose financial situation was the state of emergency. up to 180 days for First and Second financing (factoring, forfeiting, etc.) directly or indirectly hit by the Group loans until 31.12.2020. provided by banks and financial coronavirus pandemic) to reschedule For the loans that continue to be institutions. The Bulgarian National the repayment of their loans and get classified in the Second Group Bank has adopted guidelines a grace period of up to 9 (nine) despite the 90-days delay, banks can allowing favourable regulatory months. The debt rescheduling continue to set aside their own risk treatment of private moratoria on facility is available for both natural models in calculating the expected loan repayments to be fulfilled by the and legal persons provided that credit loss within the scope of commercial banks. certain requirements are fulfilled. The Financial Reporting Standards of The commercial banks have adopted interest on the debt accumulated Turkey and there will be no additional on 10 April 2020 a standardized over the grace period is capitalised - provisioning obligations. except for the mortgage loans of the procedure for deferral and settlement Loans that are classified as natural persons, where the of obligations due under the said type receivables due to restructuring and accumulated interest is set up as of agreements, subject to specific whose principal / interest payments another loan, guaranteed by the conditions. The payments due may are delayed more than 30 days within state, with 0% interest rate, payable be deferred for a period of up to 6 one year of monitoring period or are in equal instalments over a 60-month months but not later than 31 restricted once more during this December 2020. In case the private period. moratoria standardized procedure is
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Bulgaria Romania Serbia Turkey applied to a financing instrument, it monitoring period shall not have to will not be treated as a non- be classified in the third group. performing loan for regulatory The 90-day delay specified in the purposes by the Bulgarian National article stipulating a special provision Bank and the banks would not be of 20% of the receivables is 180 days required to apply the standard for leasing and factoring companies; provisioning rules for such for financial leasing companies, it instruments. shall be increased to 240 days, The Bulgarian National Bank has Maximum interest rate implemented announced a measure for in the credit card transactions has approximately BGN 9 bln (approx. decreased effective from April 1, EUR 4,6 bln) in support of the 2020. liquidity of the banking system, Minimum payment amount has including capitalization of the entire decreased to 20% effective from April profit of the banks for 2019 (i.e. 1, 2020. restriction on distribution of dividends), cancellation of the Reporting liabilities of the banks have planned increase in the relaxed in order to provide flexibility countercyclical capital buffer for 2020 for banks to meet minimum ratios and 2021, and reduction of the regarding liquidity levels. foreign exposures of the commercial In case the minimum amount in the banks. credit card is not paid within three The capital of the Bulgarian months of the due date, the card Development Bank will be increasing issuers may define grace periods by BGN 500 mln (approx. EUR 255 through not requesting their mln) for portfolio guarantees to receivables, including minimum commercial banks and temporary amount, from the credit card holders equity investment in affected until December 31, 2020. businesses with a buyback option. Another BGN 200 mln. (approx EUR
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Bulgaria Romania Serbia Turkey 102) will also be provided to the Bulgarian Development Bank be used for issuance of guarantees to commercial banks for interest-free loans of up to BGN 4,500 (approx. EUR 2,300) to individuals, affected by the pandemic. The Fund Manager of Financial Instruments in Bulgaria will provide guarantees to banks worth BGN 170 mln (approx. EUR 87 mln), which will secure a portfolio of new loans up to BGN 850 mln (approx. EUR 435 mln) within the current year for the purpose of provision of liquidity support to SMEs active in different sectors, including those most affected by the crisis.
3.4 Pharma During the state of emergency, the Prohibition of export of medical No measures in place, except for All masks will be provided freely by and medical parallel export of medicinal products, devices and sanitary materials that prohibition of export of medical the relevant bodies of government devices export of quinine-based medicines is ensure the prevention and treatment protective gear to non-EU countries. upon the request whereas the sale of prohibited. Prohibition on the export of COVID-19 associated diseases/ masks with an amount of money is of available protective gear and drugs for distribution outside the not allowed. disinfectants. territory of Romania, except for (i) The customs duty on the import of medical devices and sanitary ethyl alcohol used in the production materials manufactured in Romania of cologne and disinfectants and and which are delivered under a additional customs duties used in contract and (ii) drugs manufactured medical masks and respirators have by the producers based in Romania, been set to zero.
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Bulgaria Romania Serbia Turkey as well as drugs transiting Romania and destined for other markets.
3.5 Other Only as described above - leisure Prohibition to export (i) raw materials Law on Amendments of Certain Laws industry due to mandatory shutdown. used in the manufacture of TP1 and has been approved and published in Aviation, bus and railway sector due TP2 biocidal products and (ii) TP1 the Official Gazette on March 26, to restriction of international and local and TP2 biocidal products, except for 2020. Under the Law, the following travel. Public sector due to raw materials manufactured in measures will be provided: suspension of work of administration, Romania / biocidal products a) all judicial and administrative courts, public enforcement agents manufactured by Romanian periods have been suspended as etc. producers or producers from EU of April 30, 2020; countries based in Romania, as well Tourism sector due to cancelled or b) all enforcement and bankruptcy as raw materials / biocidal products postponed holidays. proceedings (excluding those transiting Romania and destined for Agriculture and stock-breeding related to child support payment) other markets outside Romania. sectors due to difficulties for are suspended until the end of realization of the production. April; c) a minimum wage support will be provided to the employees who lost their jobs; d) Lessors will not be able to terminate leases or commence eviction processes in relation to workplace tenancies for failure to pay rent during the period between 1 March 2020 and 30 June 2020; e) for the part-time, on-call and hourly working employees who work for 20 days or less in a month, the condition of the general health
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Bulgaria Romania Serbia Turkey insurance premiums pertaining to the missing days to be completed to 30 days has been changed to apply to such employees who work for 8 days or less in a month; and f) in case the delayed payment of check debts is paid or restructured until 31 December 2020, it will not be considered by credit institutions and financial institutions. Working hours and flexible working opportunities will be re-organized in private sector. The Governorship of İstanbul has decided to suspend all ferryboat and sea bus services (passenger transportations). Vehicle inspection periods are extended for 3 months with regard to the vehicles of whose inspection period has been expired. Health Care Pricing Commission has decided the pricing and invoicing of COVID-19 treatments provided in the hospitals and treatments will be covered by the universal insurance.
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Bulgaria Romania Serbia Turkey
4. Subsidies and financial support available from governmental side
4.1 General for The approved Law on measures and The Romanian state pays the I. Tax policy measures ▪ Postponement in loans for min. 3 businesses actions during the state of indemnity for technical 1. Deferral of payment of salary tax months for companies with and employers emergency introduces provision of unemployment, within the limit of and social security contributions disrupted that cash flow subsidy for payment by the National 75% of the gross salary for the private sector until ▪ Stock financing support for Insurance Institute of remunerations corresponding to the occupied job beginning of fiscal year 2021 with Exporters. and social security contributions for position, but not more than 75% of possibility of additional extension. ▪ Tax statements re. deductions at the remuneration in the amount of 60 the national gross average salary Deferred obligations will source (e.g. Withholding) will be per cent of the employees’ (employees whose individual subsequently be repaid, in not postponed for 3 months. remuneration that will apply to certain employment agreements are more than 24 monthly instalments Temporary income support (via employers meeting criteria to be suspended due to temporary without calculated late payment Short-time Working Allowance given determined by the government. The interruption/reduction of employer interest. law also provides for simplified activity). During the state of alert, to employer) will be provided to 2. Deferral of payment of corporate procedure for granting support from such indemnity is granted until 31 workers in workplaces that halted income tax advance payments for European funds. May 2020 and after this term, only for their activities. second quarter of 2020. BGN 500 mln. (approx. EUR 255) certain areas where restrictions will Three public banks postpone the 3. VAT exemption for donation of have been provided to the Bulgarian be maintained. loan debts and provide extra loans goods with a goal of motivating Development Bank which will be Other professionals as defined by the for the employers in order to provide donations to the institutions which used in support of SMEs in difficulty Romanian Civil Code will benefit of for paying the salaries of the are involved in implementation of due to COVID-19 either through an indemnity of 75% of the national employees and these banks will measures for protection from the equity investment (with buy-back gross average salary, until 31 May provide “Stay in Business Support disease. option) or through guarantees to 2020 and after this term, only for Loans” to all companies in all sectors commercial banks that will provide certain areas where restrictions will Respective measures will apply for their operational capital needs. cheaper financing. be maintained. equally to all companies The deadline for the declarations irrespective of their size or The Fund Manager of Financial Increase the limits for guaranteeing regarding Annual Income Tax, economic strength. Instruments in Bulgaria has loans for SMEs, through the National withholding tax, VAT, Form “Ba-Bs” introduced a program for supporting Credit Guarantee Fund for SMEs, notifications and creating and signing SMEs through provision of turnover with RON 5 billion in a first phase. e-Books and “Electronic Book funds in the form of long-term loans
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Bulgaria Romania Serbia Turkey up to 10 years as a temporary By the governmental program IMM II. Measures of direct financial aid Licences” have postponed until 30 measure to support enterprises. Invest Romania, the State to private sector April 2020. Consideration is given to the guarantees up to 80% of the value of 1. Direct aid to entrepreneurs, micro, Withholding tax, VAT, Form Ba-Bs possibility that the loans may be the financing, excluding interest and small and medium size companies and e-Books are postponed for six interest-free for enterprises that have commissions related to the in the amount of minimum net months for several sectors that retained the employment volume guaranteed loan. The maximum salary for each employee during affected most due to the outbreak they had before the crisis. An value of the loans/revolving credits the state of emergency (cca. RSD and for taxpayers that fall under the extended grace period for the for financing the working capital 30,000; approx. EUR 250). It is scope of the mandatory lockdown principal is envisaged as well as an granted cannot exceed RON 5 million envisaged that this measure will requirement. opportunity for an interest grace (approx. EUR 1 million). For include payments for up to three As per the Presidential Circular period for the crisis period is being investment loans, the maximum minimum monthly salaries per numbered 31087 and dated discussed with the responsible value is RON 10 million (approx. employee. 02.04.2020, the obligations of the institutions. Another measure EUR 2 million). Maximum aggregated 2. Direct aid to large companies in government contractors under Public introduces possibility for small start- amount of State guaranteed the amount of 50% of minimum Procurement Contracts Law can be ups to apply for loans in amount up financing for a beneficiary is RON 10 net salary (cca. RSD 15.000, suspended temporarily or to BGN 50,000 (approx. EUR 25,000) million (approx. EUR 2 million). approx. EUR 125) for each permanently, partially or completely, with preferential terms. The Fund For small and microenterprises employee on paid temporary leave upon their request and provided that also aims at increasing the flexibility applying for loans/revolving credits in accordance with Articles 116 it is proven that fulfilment of their of the resource developed in the field for financing working capital, the and 117 of the Labour Law. obligation became impossible due to of venture investments through State guarantees up to 90% of the Listed measures will not limit the COVID-19 outbreak. As a result shares in start-ups and innovative value, excluding interest and number of employees who are on of the assessment of the relevant enterprises. commissions related to the paid temporary leave by administrative body, the period may Another measure introduced guaranteed loan. The maximum employer’s decision, nor amount be extended or the agreement may possibility for agricultural producers value of the financing is RON of rights which is determined by be terminated. to apply for interest-free loans to 500,000 (approx. EUR 102,400) for employer during the leave. Maximum investment and business cover cultivation and production microenterprises and RON 1 million loan cap limit extended from costs. (approx. EUR 204,800) for small TL300,000 to TL 3 million for SMEs. enterprises.
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Bulgaria Romania Serbia Turkey The Romanian state will subsidize III. Liquidity measures for private Neither over 25% of 2019’s net 100% of the interest on guaranteed sector dividend nor the dividend of previous loans to SMEs starting from the 1. Financial support through loans for years shall be distributed. moment the loan is granted until 31 perseverance of liquidity and Social security payments have been March 2020 and afterwards only if working capital for entrepreneurs, extended. certain conditions are met. micro, small, medium entities, Salary confiscation deductions will agricultural farms and continue during outbreak. cooperatives. As a part of the
Program, Serbian Development
Fund will offer loans in the total amount of RSD 24 billion (approx. EUR 200 million). Repayment period will be 36 months with 12 months grace period. Maximum financial support is also envisaged: ▪ up to RSD 5 million (approx. EUR 40,000) for entrepreneurs and micro entities; ▪ up to RSD 25 million (approx. EUR 200,000) for small entities; and ▪ up to RSD 50 million (approx. EUR 400,000) for medium entities. 2. Financial support through guarantee scheme provided by the state to commercial banks which are present in Serbia, for loans in
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Bulgaria Romania Serbia Turkey EUR and RSD for perseverance of liquidity and working capital for entrepreneurs, micro, small, medium entities and agricultural farms. Repayment period will be 36 months with 12 months grace period. Maximum value of the loan which can be granted through this program is envisaged to be 25% of revenues in 2019 or EUR 3 million. Payment of dividends for all companies, except for public enterprises, is prohibited. Decrees and bylaws which will define the exact manner of implementation of these measures are yet to be reached by the state.
4.2 To specific Special measures adopted by the Some sectors may be given special ▪ April, May and June 2020 VAT, sectors Bulgarian National Bank for the support (e.g. hospitality). withholdings and social security normal functioning of the bank premium payments postponed for 6 system (see 3.3 above). months in Retail, Shopping Mall, Public discussions on adopting Iron and Steel, Automotive, financial measures for the health Logistics, Transportation, Cinema care sector. and Theatre, Accommodation, Catering, Textile and Garment and Simplified procurement procedure Event-Organization sectors. has adopted for this purpose. ▪ The VAT rate will be decreased Support for the agricultural sector is from 18 percent to 1 percent in also under discussion.
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Bulgaria Romania Serbia Turkey domestic air transportation for 3 months. Accommodation Tax (City Tax) for hotels will not be until November. Electricity Market License Regulation has accepted COVID-19 as a force majeure whereas the performance of certain liabilities of the electricity generation license and pre-license owners have been extended.
4.3 To Please see above p. 3.3. Days off for parents caring for Direct aid to Serbian citizens older ▪ Remote work or flexible work employees The Minister of Employment and children due to school closures - one than 18 year through one-off opportunities may be provided to and individuals Social Policy has announced that a of the parents is entitled to days off payment in the amount of EUR 100 the employees in public sector procedure for provision of one-time from work in the event that schools for the purpose of stimulation of provided that a minimum number of compensation of families with are closed. These employees will domestic demand. Citizens must employees are working parents in unpaid leave will be benefit of an allowance of 75% of apply for aid on dedicated platforms ▪ Social credit packages with low developed. their salary for a working day, without and by using their personal ID interest rates exceeding 75% of the gross average numbers. ▪ Min. down payment for mortgages salary. The allowance for each day of will be lowered to 10% from 20%. leave is paid by the employer and re- reimbursed by the State-controlled Continue of min wage support Guarantee Fund for Unpaid Salaries. TL 1,000 will be provided for each of Days off for parents will be granted the individuals who need financial until the end of 2019-2020 school support. Certain municipalities and year. organizations also provide food and Public institutions fighting against fundamental needs of such COVID-19 pandemic and its effects individuals. may order the secondment with the prior consent of the employee and of
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Bulgaria Romania Serbia Turkey the seconding employer, provided Needs of the citizens at the age of 65 that the new employer carries out the or older will be provided by the Social same type of activity. Support Groups. Employers may temporarily change President of the Republic of Turkey the place and type of work / decide and some municipalities have started telework or work from home with the a financial aid campaign. consent of the employee. The conditions for the payments Work from home/Telework remains subjected to the Residence Account the rule, but in cases where the job and State Aid Regulation have been duties cannot be performed from eased. home, employers with more than 50 Pursuant to the Law No.7244 on employees must establish Reducing the Impacts of COVID-19 personalised work schedules, Outbreak on Economic and Social ensuring a difference of one hour at Life and Amending Certain Laws the beginning and at the end of the which was published in the Official working program, within a period of Gazette on April, 17, 2020, with three hours. number of 31102 (the “Law No.7244”), termination of the Employment Agreements (excluding the termination due to immoral, dishonourable or malicious conduct or other similar behaviour) of the Employees will not be allowed for three months (it may be extended to six months upon the decision of the President). Therefore, in cases where the prohibition of termination is applied, the employer can arrange to leave the employees entirely or partially for unpaid leave within a
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Bulgaria Romania Serbia Turkey period of 3 months, whereas the employees cannot terminate their Employment Agreements due to unpaid leave.
5. Measures taken by central banks
5.1 Steps Please see above p. 3.3. The National Bank of Romania No charging of interest while loan N/A taken with decided the following: repayment moratorium is in place. regard to ▪ to cut the monetary policy rate by interest rate 0.50 percentage points, from 2.5 (most recent percent to 2.0 percent starting 23 and expected) March 2020; ▪ to narrow the symmetrical corridor defined by interest rates on standing facilities around the monetary policy rate to ±0.5 percentage points from ±1.0 percentage points. Thus, starting 23 March 2020, the deposit facility rate stays at 1.50 percent, while the lending (Lombard) facility rate is lowered to 2.50 percent from 3.50 percent. Against this background, the main ROBOR rates are expected to witness a significant downward adjustment.
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Bulgaria Romania Serbia Turkey
5.2 Steps No steps taken so far: the Bulgarian No measures yet. Turkish lira currency swap auctions, taken or National Bank declared that it will with a maturity of 1 year, which expected with apply measures (not specified) for depends on quantity auction method regard to local ensuring the normal functioning of will be conducted and the banks will currency the currency board and to adopt be provided with Turkish lira liquidity additional if necessary. against US dollars, euros and gold.
5.3 Use of The action plan does not provide The National Bank of Romania N/A The companies may apply to foreign such measures at the current declared that it stands ready to intermediary banks and exchange currency moment. proceed to cutting the minimum their current bills for a bill with an up- reserves reserve requirement ratios on leu - to- 90-day-longer maturity, without and foreign currency - denominated making any repayment. liabilities of credit institutions, if FX reserve requirement ratios may necessary. be decreased by 500 basis points in all liability types and maturity brackets for the banks of which the real credit growth conditions are met.
5.4 Other No other steps. Other measures taken by the N/A The banks will be provided with as important National Bank of Romania: much liquidity as they need within steps ▪ to provide liquidity to credit standing facilities. institutions via repo transactions (repurchase transactions in government securities) with a view to ensuring the smooth functioning of money market and of other financial market segments; ▪ to purchase leu-denominated government securities on the secondary market with a view to
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Bulgaria Romania Serbia Turkey consolidating structural liquidity in the banking system that should contribute to the smooth financing of real economy and the public sector.
6. Other
6.1 Bulgarian National Bank Romanian National Bank The Government of the Republic of https://www.tccb.gov.tr/en/ Trustworthy (http://www.bnb.bg/?toLang=_EN) (https://www.bnr.ro/Home.aspx) Serbia (https://www.srbija.gov.rs/) https://www.saglik.gov.tr/Genel/Mans English Ministry of Foreign Affairs etHaberList.aspx language (https://www.mfa.bg/en/) https://www.tcmb.gov.tr/wps/wcm/con sources Ministry of Health nect/en/tcmb+en (https://www.mh.government.bg/en/) Bulgarian Industrial Association (https://en.bia-bg.com/) Bulgarian Development Bank (https://bbr.bg/en) Fund Manager of Financial Instruments in Bulgaria (https://bbr.bg/en)
6.2 Other All employers are obliged to facilitate If, during the state of alert, due to the All employers are obliged to facilitate Government offices are obliged to work from home for all employees for COVID-19 pandemic, a prosecutor's work from home for all employees for facilitate work from home where whose work places such work can be office or a court cannot perform its whose work places such work can be possible while maintaining the organised. Employers have several activity, another competent organized. All schools, universities continuity of the services. For other options: (i) to discontinue the prosecutor's office/ court may be and kindergartens are closed down government officials who are not work operation of the undertaking or delegated to take over the resolution (long-distance learning in place). suitable for working from home will a part thereof; (ii) to introduce of the case. be considered on paid leave. reduced working hours; (iii) to send
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Bulgaria Romania Serbia Turkey employees on up to one half of their Long distance learning is in place for annual paid leave. education. Employers shall pay heed to the provision and proper utilization of personal and collective protective equipment, as well as to conducting additional safety instructions to the employees. All procedural deadlines in the court, arbitration and enforcement proceedings, as well as limitation periods and deadlines for implementation of instructions given by administrative authorities, have been suspended. Certain tax deadlines have been extended. Notary proceedings are limited to urgent cases. During the state of emergency the court and the Competition Protection Commission are permitted to hold remote hearings, including via virtual connection. The immediate preparation and publishing of the minutes, as well as video recording of the hearing are required. The deadline for filing annual financial statements is extended to 30.09.2020. The deadline for submission of declaration on lack of
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Bulgaria Romania Serbia Turkey company’s activity for the year 2019 is extended to 30 June 2020. The deadlines for publishing 6-month financial statements of public companies and conducting General Shareholders’ Meeting under the Public Offering of Securities Act are extended until 30 September 2020. The deadline for publishing the annual financial statement is extended to 31 July 2020.
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