MTUC sec-gen blasts 'inhumane' Bank Negara hire purchase move

MTUC sec-gen blasts 'inhumane' Bank Negara hire purchase move - Hello loyal readers FeedGoogle, In the article you are reading this time with the title MTUC sec-gen blasts 'inhumane' Bank Negara hire purchase move, We have prepared this article well for you to read and take information in it. hopefully the contents of the post Article Malaysians, what we write you can understand. Alright, happy reading.

Malaysian Trade Union Congress (MTUC) secretary-general J Solomon has blasted Bank Negara following its announcement on the procedural change for the six-month moratorium for hire purchase (HP) and fixed-rate Islamic financing yesterday. 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. Solomon (above) has interpreted the change as Bank Negara opening the door for banks to penalise borrowers who opt to settle deferred loan payments post-October. "MTUC strongly urges Bank Negara to rescind the approval given to banks to levy interest on hir…