Monday, 04 May 2020 11:11 AM MYT
“I think at the end of the day, what is important is we get people like Makcik Kiah and her husband and her son that has just graduated to have food on the table ... so cashflow of household is very important. So that was the main purpose. It was not so much for them to make money. It is for survival.”
The six-month moratorium was and is never meant to be an instrument that is intended to write-off the loans. So, clients of banks with loans will still have to pay their monthly loan instalment after the moratorium has ended. Who knows when they finally see that the opportunity cost of foregoing this compounded interest is in the billions, they started to be starry-eyed and die-die want their monies back by trying their luck to convince BNM to be on their side?
Since the moratorium is an automatic decree that was announced by the government to banks via BNM as the regulator of banks, nothing in the hire purchase agreement has changed other than the decree to automatically stop receiving instalment payment for six months from their clients. Because the moratorium is automatic, there is no question of opting in for it.But those whose financial position does not change much during the six months of moratorium can opt-out from it.
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Source: malaysiakini - 🏆 20. / 51 Read more »