SINGAPORE: Singapore’s central bank said on Tuesday (March 31) local lenders will offer additional relief for consumers and companies battered by the sharp economic slowdown and the Covid-19 (coronavirus) outbreak, including a freeze on mortgage and business loan payments and cuts to credit card rates.
Banks and finance companies can defer both principal and interest payments for qualified clients with residential mortgages through Dec 31, the Monetary Authority of Singapore said in a statement Tuesday. Small and medium-sized firms can opt to defer principal payments on their secured term loans until the end of the year, the MAS said.
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