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: //www.malaymail.com/)
Kuala Lumpur (VNA) – TheMalaysian government has allowed banking borrowers, including individuals andsmall and medium sized enterprises (SMEs), in the country to delay therepayment of their existing loans for a period of six months.
The move is expected to ease the burden faced bylocal SMEs and people amid the COVID-19 pandemic.
In a statement on March 25 morning, Malaysian Prime Minister Tan Sri Muhyiddin Yassinsaid the moratorium will start from April 1.
Bedsides, credit card holders who are meeting difficulties in paying theiroutstanding balances could opt for scheduled repayments between April 1 and December31.
Local businesses can also negotiate with banks on restructuring of loanrepayments appropriate for their business situations. This measure is hoped tohelp 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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The Bank Negara Malaysia headquarters in Kuala Lumpur (Photo: //www.malaymail.com/) 
