Blanket loan moratorium not best soution, Bank Negara says

A blanket loan moratorium may not be the best solution for borrowers following the re-imposition of the Movement Control Order.

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.