Remember the loan moratoriums the government was giving out to all Malaysian citizens during the first movement control order (MCO)? With the country entering its third large-scale lockdown tomorrow, many will be wondering if that same help will be extended again to assist struggling businesses and individuals.
However, Bank Negara Malaysia (BNM) has come out and said that it won’t be providing blanket moratoriums this time around, given the loosened restrictions on economic activity for the upcoming nationwide MCO, which will run until June 7. This was reported by a number of local dailies, including Malay Mail.
Responding to a question posed at a virtual press briefing whether BMN would consider a second moratorium, governor Datuk Nor Shamsiah Mohd Yunus said that such far-reaching assistance wouldn’t be necessary, as most people will be able to continue working. “While the MCO has been extended, nearly all economic sectors are allowed to operate unlike the previous MCO in 2020,” she said.
Nor Shamsiah added that those in need can still request financial assistance that is tailored to their needs. “Banks are continuing to provide repayment systems including targeted moratoriums to borrowers who have lost their job and income. This will continue as some borrowers need help given the recent MCO.
“Borrowers can go through various existing channels including the Credit Counselling and Debt Management Agency (AKPK) and BNM Telelink that offers financial assistance to those who need them.”
She also said that enacting a blanket moratorium would not be the best solution for everyone, as they are less effective than targeted assistance. “[Borrowers] are getting help that reflects their financial circumstances, so a loan moratorium is not the best solution for all.”
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Amat bersimpati dengan situasi dan nasib yang dihadapi oleh peniaga2 bazar Ramadan dan Aidilfitri… ramai yg mengambil pinjaman ah long.
Peniaga2 ini sudah keluarkan belanja lebih RM100 ribu bagi tujuan modal dan bayaran tapak selama sebulan. Kini mereka hanya mampu termangu bawah pokok berdekatan bazar.
Ada yang membisu tak termampu berkata apa-apa. Ramai yang lain dah berputus asa. Masa depan rakyat kian suram, kabur dan kelam, kesian tiada pembelaan. Tidak ada moratorium… pasti AKPK dan muflis di tempat sendri.
pinjam RM100 ribu dari ah long utk berniaga sebulan kat bazar ramadan. buat business apa tu sampai pinjam RM100K untuk business? tak percaya la nak pinjam banyak tu untuk berniaga. kebarangkalian untuk beli kereta dan emas baru untuk bergaya.
yang takpernah niaga kat bazaar mne dia reti,
It’s not a help. It is interest counted deferred payment.
George, hence for the upcoming moratorium. Banks mostly will send SMS and seek Yes/No for the 6 months exemption. Should I instead clarify is any “interest counted deferred payment” or just “counted deferred instalment” only (without interest)? Thanks.