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Wednesday, 12 May 2021 08:03 PM MYT
A money changer counts ringgit at a shop in Putrajaya October 26, 2007. Reuters pic
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KUALA LUMPUR, May 12 The Association of Banks in Malaysia (ABM) reiterated today that its member banks continue to make available repayment assistance to affected borrowers as announced previously.
Up to March 26, 2021, approximately 1.6 million applications for repayment assistance have been received, out of which 95 per cent were approved, of which 55 per cent of the approved applications were given an extension of the loan repayment deferment, while the balance 45 per cent were given reduction in instalments.
Published on: Tuesday, May 11, 2021
By: Bernama
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Kuala Lumpur: A blanket loan moratorium may not be the best solution for borrowers following the re-imposition of the Movement Control Order (MCO) nationwide; instead they should approach banks to help them meet their debt obligations, Bank Negara Malaysia (BNM) said.
Governor Datuk Nor Shamsiah Mohd Yunus said all banks already have their payment assistance plans, including targeted loan moratoriums, which can be offered to borrowers who have lost their jobs or suffered a reduction in income. Borrowers can also approach multiple channels that have been set up, including BNM s Credit Counselling and Debt Management Agency (AKPK), if they require advice or further assistance.
11 May 2021 / 21:45 H.
PETALING JAYA: A blanket automatic loan moratorium is not the right response for the nationwide movement control order (MCO) announced on Monday, as nearly all economic sectors are allowed to operate unlike the restrictions introduced last year, according to Bank Negara Malaysia (BNM).
Given the less restrictions relating to economic activities, governor Datuk Nor Shamsiah Mohd Yunus said the measure might not be the best solution for borrowers.
She pointed out that since the end of the blanket moratorium last year, banks have been providing targeted repayment assistance to needy borrowers.
“Banks already have readied repayment assistance plans which include loan moratorium that could be offered to borrowers who have lost their jobs or suffered reduction in income,” she told the media during the central bank’s briefing on Malaysia’s first-quarter 2021 economic performance today.