Malaysia announces moratorium on bank loans amid COVID-19 pandemic
The Malaysian government has allowed banking borrowers, including individuals and small and medium sized enterprises (SMEs), in the country to delay the repayment of their existing loans for a period of six months.
The Bank Negara Malaysia headquarters in Kuala Lumpur (Photo: https://www.malaymail.com/)Kuala Lumpur (VNA) – The Malaysian government has allowed banking borrowers, including individuals and small and medium sized enterprises (SMEs), in the country to delay the repayment of their existing loans for a period of six months.
The move is expected to ease the burden faced by local SMEs and people amid the COVID-19 pandemic.
In a statement on March 25 morning, Malaysian Prime Minister Tan Sri Muhyiddin Yassin said the moratorium will start from April 1.
Bedsides, credit card holders who are meeting difficulties in paying their outstanding balances could opt for scheduled repayments between April 1 and December 31.
Local businesses can also negotiate with banks on restructuring of loan repayments appropriate for their business situations. This measure is hoped to help enterprises maintain their business activities.
According to PM Yassin, the measures are estimated to cost about 100 billion RM (22.65 billion USD)./.
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