Party echoes call for restoring local banks

SIBU: Parti Bumi Kenyalang is supporting the clarion call by Sarawak Chinese Chamber of Commerce and Industry to bring back local banks to the state.

Its secretary-general Yu Chin Lik said the state used to have its own banks before the year 2000.

“Since the merger between local banks and those from peninsular Malaysia in 1999, local banks had ceased to exist. This has affected the development of the state including industries, agriculture, business and trade,” he said.

Yu said loan applications approved in Sarawak needed final clearance from the bank’s headquarters in Kuala Lumpur. This can take between one and six months before they are disbursed.

“In 1999, a clean loan application could normally be approved in just a week and it would take just another 15 days for the money to be disbursed,” he recalled.

Today, he said, the entire process could take up to eight months.

In view of this, the party wanted the state government and Bank Negara to consider bringing back local banks to Sarawak.

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Family & Community , East Malaysia , banks


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