KUALA LUMPUR: Borrowers who can afford to repay their loans should start doing so to reduce their overall debt, Bank Negara Malaysia (BNM) said ahead ...
: Borrowers who can afford to repay their loans should start doing so to reduce their overall debt, Bank Negara Malaysia said ahead of the blanket moratorium, which ends on Sept 30, 2020.
It said banks stand ready to assist borrowers, who are seriously in financial quandary due to Covid-19, with repayment plans and other arrangements appropriate to their specific circumstances. “The more targeted approach to assist individual and small and medium enterprise borrowers is in line with the easing of movement controls since early May. Businesses in almost all sectors have since resumed operations, and the vast majority of Malaysians have returned to work,” the central bank said.
“Nonetheless, it is recognised that income and cashflow challenges remain for some, especially those who have lost their jobs or experienced a reduction in incomes. In this regard, a targeted approach ensures that financial resources and attention are prioritised where it is needed the most,” it said.
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