PETALING JAYA: Bank Negara Malaysia needs to prioritise consumers’ needs over those of banks when it comes to the loan moratorium, says the Malay Economic Action Council (MTEM).
Its CEO, Ahmad Yazid Othman, said the moratorium most recently announced was “too simplistic” and vague to the point it led to many assumptions and varying interpretations regarding its terms and conditions.
Among the contentious issues raised by borrowers were the lack of clarity in eligibility criteria, confusing calculation of interest rates, and additional hidden charges.
Yazid said BNM had given banks the power to impose additional charges and interest rates, knowing that borrowers were desperate and had no other option.
“The central bank is responsible for protecting the rights of borrowers as well as monitoring the actions of financial institutions. However, it is quite heartbreaking when the reality of what is happening is quite the opposite,” he said in a statement today.
He urged BNM to remind financial institutions that they have a civic responsibility towards borrowers, especially during the pandemic.
According to finance minister Tengku Zafrul Aziz, the six-month moratorium offered under the Pemulih programme is estimated to provide relief of up to a total of RM80 billion to individual and business borrowers.
He said the moratorium, which was part of the national recovery plan, was only a temporary measure. - FMT
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