News about bank

Bank Negara Malaysia (BNM), on March 24, 2020, announced an automatic six-month moratorium on all bank loans starting from April 1, to assist borrowers who are facing temporary financial difficulties due to the COVID-19 outbreak.

KUALA LUMPUR (April 1): The World Bank is projecting a negative economic growth for Malaysia this year amid the COVID-19 crisis, but said the country is likely to recover in the fourth quarter (4Q) of the year before bouncing back into smoother momentum in 2021.

KUALA LUMPUR (March 27): In line with Bank Negara Malaysia (BNM)’s decision to grant an automatic moratorium on loan payments for six months following the escalation of the fallout of Covid-19, Malaysian banks are doing their bit by announcing that they will not compound interest and profit rates on their loans.

KUALA LUMPUR (March 27): Affin Bank Bhd and Affin Islamic Bank Bhd will be offering their retail customers and SME clients non-compounding interest or profit for six months, for term loan and term financing, during the moratorium for financing facilities due to the COVID-19 outbreak in the country.

KUALA LUMPUR (March 27): Bank Negara Malaysia (BNM) is increasing the allocation of financing facilities under its Fund for SMEs by an additional RM4 billion to RM13.

KUALA LUMPUR (March 27): In line with Bank Negara Malaysia (BNM)’s decision to grant an automatic moratorium on loan payments for six months following the escalation of the fallout of Covid-19, Malaysian banks are doing their bit by announcing that they will not compound interest and profit rates on their loans.

KUALA LUMPUR (March 27): Eleven members of the Association of Banks Malaysia (ABM) will contribute RM10 million to fight against the COVID-19 pandemic.

KUALA LUMPUR (March 26): AmBank Group Research said the coronavirus-induced recession is expected to place both the global economy as well as the Malaysian economy into technical recession.

KUALA LUMPUR (March 25): Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd have offered their customers the option of converting their credit card balances into a three-year loan at an effective interest or profit rate of 13% per annum.

KUALA LUMPUR (March 25): The Association of Banks in Malaysia (ABM) said its member banks are currently working out the full details of the proposed six-month moratorium on loan repayments to ensure they will be efficiently executed with minimum inconvenience to customers.