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a legally authorized postponement of the fulfilment of an obligation



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 ?
A 90-day moratorium was placed on the company's operations on May 11, 2015 for breaking the nation's banking act.
The United Nations, the European Union, Amnesty International and Human Rights Watch have called on Pakistan to bring back the moratorium on the death penalty.
Wolf took the first step in placing a moratorium on the death penalty by granting a temporary reprieve to inmate Terrance Williams, who was scheduled to be executed on March 4, 2015.
The prime minister removed the moratorium on terrorrelated cases, but not on other offenses in the wake of December 16 attack on a school in Peshawar which killed at least 141 people, mostly students.
The amendment states that the moratorium area will be narrowed and limited by Masaliyev, Jibek-Jolu avenues and Tokombayev, Shabdan Batyr, Kurmanjan Datka, Fuchik, Sadyrbayev streets.
The board s moratorium gives time for the township to do just that, and we re looking forward to our involvement in that process.
Dayton, they said, has the authority to enact a regional moratorium on frac sand mining through the use of the Critical Areas Act.
I'm not opposed to the uses of medical marijuana," said Councilor Jerry Behney, who supported the moratorium.
A total of 171 lawmakers voted in favor of extending the moratorium, while 38 were against and 12 abstained from voting.
A short moratorium was agreed by the Minister to allow this work to be undertaken.
O'Brien asked for and was granted reconsideration of the previous week's vote, saying it could have led to a significant delay in enacting the moratorium.
Iran fully supports proposals on a five-year moratorium on sturgeon fishing in the Caspian Sea and is ready to continue work for the protection of the Caspian Sea water resources," Ali Asgar Mojahedin, head of the Iran Fisheries Organization, was quoted by the Novosti-Azerbaijan news agency as saying after a session of the Commission on Aquatic Bioresources of the Caspian Sea in the Azeri capital.