Not All Borrowers Want A Blanket Moratorium Says Bnm Governor


 
Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus has maintained that a targeted approach is better than a blanket moratorium as it puts the choice of payment in the borrower’s hands.PETALING JAYA: Bank Negara Malaysia (BNM) governor Nor Shamsiah Mohd Yunus says not all borrowers are asking for a blanket loan moratorium, based on the assistance they are choosing under the current repayment assistance offered.
In a press conference with the Statistics Department today, Nor Shamsiah said 1.4 million borrowers have applied for repayment assistance with their banks as at Dec 31 with a 95% approval rate.
She highlighted that only 55% of borrowers had chosen an extension of the moratorium, with the remaining 45% opting for a reduction in monthly instalments.
She added that this could even be observed for households and borrowers in lower-income segments, including the B40.
“This shows that borrowers are not asking for a blanket moratorium. They don’t want a one-size-fits-all solution.
“They want tailored assistance that meets their financial circumstances.”
Nor Shamsiah maintained that a blanket loan moratorium, advocated by many opposition and even government MPs, was not in the best interests of the people and the economy, saying it was a “fallacy” to think that only a moratorium would help the economy.
She said a blanket moratorium would erode bank buffers while making banks more risk-averse, rendering it more difficult for individuals and businesses to obtain new loans.
She added that the banks’ soundness and profitability was important for millions of Malaysians, as many are depositors and shareholders.
“A targeted approach is better than a blanket moratorium as it puts the choice in the borrower’s hands to make their own financial decisions. It’s important for them to make informed decisions based on their own financial conditions.
“Help continues to be available for those in need of repayment assistance, while those who can afford to repay their loans should do so.”
Nor Shamsiah said with the global economy set to recover this year, this was expected to also lead to more foreign investments being channelled to Malaysia.
“What is key for Malaysia is to remain steadfast with reforms to improve the investment ecosystem in order to attract quality investments that would create high-value jobs for Malaysians.” - FMT


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