moratorium


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moratorium

a legally authorized postponement of the fulfilment of an obligation

Moratorium

 

a postponement of obligations established by a government for a fixed period or until the end of certain forces majeures, for example, during war or natural disaster. A general moratorium applies to all obligations; other types pertain to only certain varieties of obligation or to certain categories of debtors.

In the USSR a moratorium may be established by a decree of the Council of Ministers of the USSR or of a Union republic. Soviet civil law considers a moratorium grounds for suspending the period of limitation on civil suits (Civil Code of the RSFSR, art. 85). A general moratorium has never been declared in the USSR; during the Great Patriotic War of 1941–45, a moratorium was declared on certain obligations only.

In capitalist countries, the government resorts to moratoriums during periods of economic crisis. As a rule, such moratoriums apply to bank transactions on foreign loans. A special form of moratorium is the bank moratorium, which closes credit institutions for a certain time by order of the government. Use of the moratorium is characteristic of the present-day currency and financial crisis. For example, the devaluation of the American dollar in 1971–73 led to numerous closings of the major currency exchanges in Western Europe and Japan.

References in periodicals archive ?
congressional moratorium (because it varied from year to year, and from
'The moratorium would be a welcome development because of the need to review the sustainability of Baguio's resources ...
5 presidential instruction mandated that ministers, governors and other officials could not issue new permits within the moratorium area.
He said, "The RBI had issued a moratorium to the banks.
The moratorium, effective beginning May 21, applies to Arkansas insureds who have suffered significant property damage, injuries or related loss of life as a result of recent storms and flooding.
Unfortunately, we could not introduce a moratorium earlier, but we increased fines for illegal shooting.
The Business Council of Westchester has created a task force focused on developing short and long-term solutions to address Con Edison's moratorium, according to said John Ravitz, Executive Vice President/COO, Business Council of Westchester.
Lilang, due to the difficulty of deciding their central office in this issue, DENR-Palawan decided to choose the municipalities themselves to recommend their regional office for the exemption request to the said moratorium.
At the voting held in New York on Monday, 121 UN member states were shown to have voted in favour of the seventh resolution calling for a moratorium on capital punishment, whereas 35 countries were said to have voted against the resolution and 32 as having abstained.
A record 121 of the UN's 193 member states voted in favour of the seventh resolution calling for a moratorium on the use of the death penalty at the UNGA plenary session in New York, according to Amnesty.
As such, the MICC resolved to defer its recommendation to lift the moratorium on MPSAs until the package is passed into law.
'By withdrawing the moratorium, the Pakatan Harapan government is reneging on its commitment - made in 'Promise 27' of its election manifesto for the 14th General Election - to abolish laws that it had itself described as 'oppressive' and 'tyrannical'.