Generally, more than half of survey respondents (52.6%) said they were most affected when it came to financial savings, whereas 6.2% said they were least affected.
BNM said in its Financial Stability Review for Second Half 2019 that the ratio of overall household debt-to-GDP rose to 82.7% as at end-2019 amid slower GDP growth, and remained elevated relative to regional peers.
The committee’s aim is to strike a balance between the nation’s economic priorities and the effective enforcement of the MCO.
This is simply because borrowers have larger residual income and greater flexibility to adjust discretionary expenditures under adverse circumstances, the central bank said in its Financial Stability Review report for the second half of 2019.
Citing the growing uncertainty over the duration and overall impact of the outbreak, the bank cut its 2020 gross domestic product (GDP) target for Malaysia to -0.1%, a significant drop from its earlier target of 4.5%.
Economists say revenue enhancements will help to achieve this target, and if need be, the government still has room to intervene if the economic situation worsens.
The central bank said the allocation of the Special Relief Facility (SRF) for SMEs will also be increased to RM5 billion from RM2 billion. The maximum financing rate is now lowered to 3.5% per year from 3.75% per year. The enhanced SRF is available until the end of the year.
“These are both trying and uncertain times. So we are seeking to alleviate our customers’ burdens as much as we can. Although compounding might be allowed for, we have elected not to do so in light of the pressing circumstances."
Most of the group's property developments comprise industrial and commercial properties, such as Tiong Nam Business Park.
The property developer attributed the significantly increased profitability to contribution from higher margin projects, better performance by the property investment segment and overall administrative cost savings during the period under review, it said in a statement today.
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