Thursday, 15 Oct 2020 02:55 PM MYT
This cost is in actuality not a cost but a deferred profit which the bank will enjoy once the economy is on a firm footing and the moratorium is rescinded, whichever comes first. Compared to the borrowers whose incomes are permanently lost, it is still fortunate for banks to be able to make up for the “loss” when times get better.
The introduction of moratorium in April to September has indeed helped the rakyat to have access to immediate cash and provide the opportunity for them to contribute to a rising consumption expenditure that is needed to lift up the economy, as consumption is one powerful engine of growth to rev up the economy especially during an unprecedented economic downturn like the one we are facing now.
Malindo Airways Sdn Bhd is expected to lay off around 2,200 workers — more than 50 per cent of its workforce of 3,200. Before Malindo, AirAsia Bhd and AirAsia X Bhd confirmed its second round of retrenchments on Oct 9 involving 10 per cent of its workforce. According to the Malaysian Employers Federation, as much as the employers are appreciative towards the government for supporting them through the crisis, they face difficulties to remain afloat as many companies’ requests to apply for repayment assistance from the banks have been rejected or postponed.
So far, no confirmed Covid-19 vaccine deals have been announced. Close to a dozen potential vaccine candidates are in the late stage trials, but at the moment none have been approved.
Let's see if kerajaan abah takes right measures
It's time the banks gave back, but not with one of their kind helming treasury. The banks have sufficient insulation to extend the moratorium for another 3 months if they want, but they won't unless forced to do so
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