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Business groups ask gov't for blanket zero interest loan moratorium due to pandemic

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PETALING JAYA: Several business groups have asked the government for a blanket zero interest loan repayment moratorium until the end of the year or when the country has achieved herd immunity against Covid-19.

These groups want the moratorium to have an opt-out option instead of them having to request the banks, which they say banks could afford.

The statement was signed by 14 associations that are members of the"Moratorium Untuk Rakyat” taskforce which is supported by another 125 groups. They also said that the banks could afford it as the eight top local banks collectively made a profit of RM93bil in the last three years. They also called for a zero interest moratorium and that the banks must not charge any costs while there must be waivers for loan restructuring exercises.

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