MTUC urges govt, Bank Negara to extend moratorium by 6 more months thesundaily moratorium MTUC BankNegara
The Malaysian Trades Union Congress has urged the Finance Ministry and Bank Negara Malaysia to pull its weight in ensuring banks extend the moratorium by at least another six months, especially for the targeted group of workers who are still unable to service the loans.said this would include many of the 800,000 workers who lost their jobs until April this year and thousands more who were forced to take deep pay cuts or go on unpaid leave by their employers.
“There should not be any doubt on the part of the government, especially the Finance Ministry and BNM, that a large slice of the workforce are far from ready to resume servicing their car and housing loans. If the banks persist in ‘collecting’, then we can expect to see record forfeitures of vehicles and homes of the working class which will inflict untold misery on them and their families,“ he said.
He said there is no question of banks incurring losses because of the moratorium, however, the loans are not written off but the installment payments are merely deferred until the economy normalises. In 2019, all the banks in Malaysia recorded multi-billion ringgit in profits, as had been the case for so many years. In facing Covid-19, both the Finance Minister and BNM have repeatedly said the banking sector remained strong with more than adequate financial liquidity.
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