Tengku Zafrul. Photo: Bernama

KUALA LUMPUR: It is up to the banks if they wish to extend the loan moratorium in a targeted way, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He expressed the view that banks should look into targeted assistance but they cannot be forced to do so as it within their jurisdiction.

“(There are) A lot of request from people who need more time for the moratorium. So, this is really up to the banks whether they can or cannot (do so).

“But in my personal view, we ought to help the people who need help,” he told a press conference after making a working visit to the Prasarana headquarters here, today.

Tengku Zafrul said the targeted moratorium extension should be looked at by banks on a case-by-case basis. 

Under the Prihatin Rakyat Economic Stimulus Package’s (Prihatin), Bank Negara Malaysia (BNM) has proposed an automatic moratorium on all loan repayments by individuals and small and medium enterprises for six months from April 1-Sept 30, 2020.

“Going forward, I think the best (way) is we focus on the targeted groups who need help,” he said.

He said the borrowers have to engage with their banks early if they feel they need to reschedule their loan repayments.

“Especially those who have lost their jobs and had their pay reduced. Please see your bank now and restructure (your loan),” he added. – Bernama