Malaysia will grant a six-month delay on most loan payments to ease economic suffering caused by the COVID-19 outbreak, its Central Bank recently said. Authorities in neighbouring countries of the Association of Southeast Asian Nations (ASEAN) bloc also took aggressive measures to mitigate the possible financial impact of the novel coronavirus pandemic.
An automatic moratorium is applicable to loans and financing that are not in arrears exceeding 90 days, Malaysia’s central bank, Bank Negara, said in a letter to banks and financial institutions.Malaysia will grant a six-month delay on most loan payments to ease economic suffering caused by the COVID-19 outbreak, its Central Bank recently said. Authorities in neighbouring countries of the Association of Southeast Asian Nations (ASEAN) bloc also took aggressive measures to mitigate the possible financial impact of the novel coronavirus pandemic.#
The delay in repayment does not apply to credit card balances, the bank said. The new measures, to take effect from April 1, would assist borrowers experiencing financial constraints, including small and medium enterprises (SMEs), it said.
Indonesian president Joko ‘Jokowi’ Widodo also said the government is preparing assistance packages to help cushion the impact.
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