BNM regrets any confusion caused by procedural change on loan moratorium

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Bank Negara Malaysia (BNM) has expressed regret that its announcement on the procedural change for the six-month moratorium for hire purchase (HP) and fixed-rate Islamic financing yesterday might have caused confusion and anxiety. In FAQs issued today, the central bank denied it had reversed its decision on the six-months payment deferment for both loans. "The payment deferment is still automatic for HP and fixed-rate Islamic financing," said BNM. It said the latest change in procedure, which requires borrowers to "complete the documentation to give legal effect on the moratorium", is unavoidable. "We sincerely regret any confusion and anxiety that this announcement may have caused. "The deferment of loan repayments is meant to ease cash flows for borrowers affected by the Covid-19 pandemic. This intent remains the same. "The confusion arises becau…