Brunei to extend Covid-19 assistance period


BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): Autoriti Monetari Brunei Darussalam (AMBD), in close consultation with the banking industry, announced the extension of assistance to businesses and individuals affected by the Covid-19 pandemic for another six months (April 1 to Sept 30).

Since April 2020, banks and finance companies have been providing assistance to help alleviate financial distress of affected borrowers.

As of December 2020, some 2,014 applications were granted assistance. A majority opted for temporary deferment of their monthly loan repayment.

AMBD observed that the assistance has helped easing customers from the sudden financial challenges due to the Covid-19 pandemic. With the resumption of economic and social activities, several customers have resumed their loan repayments.

Nonetheless, AMBD recognised that some individuals may continue to face cash flow pressures and may require more time to resume full loan repayments. For some customers, alternative financing solution may be necessary.

Through this extended assistance period, AMBD will provide regulatory flexibility to encourage banks and finance companies to offer affected customers suitable temporary assistance such as deferment of repayments on loan; restructuring on personal loan and hire purchase such as car financing for a period not exceeding 10 years; conversion of outstanding balance on credit card into a short term loan not exceeding three years for affected individuals in the private sector including the self-employed; and waiver of fees and charges related to these facilities, except third party charges. - Borneo Bulletin/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Brunei , covid-19 , support , extend

   

Next In Aseanplus News

Brunei says ASEAN heads of state, government to meet as bloc on Saturday
Asean News Headlines as at 8pm on Tuesday (April 20)
Thailand approves handouts for 2.4 million people, plans more over new virus wave
Singapore tightens border measures for travellers from India; only 14 cases on Monday (April 21)
Thailand says has enough hospital space amid new coronavirus wave after another day of 1,000-over cases
Philippines' Covid-19 cases rise to 953,106 with 7,379 new infections; a big struggle for hospitals in country
China to cooperate with Indonesia against "vaccine divide"; Indonesia's Covid-19 total hits above 1.61 million
Portrait by late Vietnamese painter breaks price record
Singaporean student caught on livestream being attacked by man with knife in London
Vietnamese flock to festival, shrug off Covid-19 outbreak risk

Stories You'll Enjoy


Vouchers