25 March, 2020
Malaysian Movement Control Order has been extended to 14 April 2020, as announced by the Prime Minister of Malaysia on 25 March 2020 at 1pm.
Update as at 24 March 2020, Malaysian Central Bank ("BNM") has announced additional measures to assist borrowers.
- Banks will grant an automatic moratorium on all loan and financing repayments by individuals and small and medium-sized enterprises ("SME") for six (6) months from 1 April 2020 (except for credit card balances).
- Banks are strongly encouraged to facilitate requests by corporate borrowers for a similar moratorium to preserve jobs and resumption of economic activities.
- BNM further implemented regulatory measures to liberalise lending and to improve flexibility and liquidity of the banking sector. For further details, please see attached document in this email.
Our Covid19 legal team is dedicated to assist you, be it an important update or if you are thinking of a force majeure event in your business.
For further information, please contact:
Yee Mei Ken, Partner, Shearn Delamore & Co
mkyee@shearndelamore.com
