KUALA LUMPUR, June 11 — Struggling with debts in Malaysia’s prolonged pandemic crisis, over 400 groups representing businesses and civil society organisations banded together today to push for a blanket moratorium on loans.
The collective include Bumiputera Retailers Organisation Malaysia , Dewan Perniagaan Melayu Islam , Federation of Malaysian Business Associations , Gerakan Ekonomi Malaysia , Industries Unite, Majlis Tindakan Ekonomi Melayu , Malaysian Association of Theme Parks and Family Attractions , Malaysia Associated Indian Chambers of Commerce and Industry , Malaysian Retailers Association , Malaysian Tourism Council , National Union of Bank Employees , Movement of Monetory Justice Malaysia , Persatuan...
“Eight top local banks also collectively made a profit of RM93 billion in the last three years. Using the same denominators — this new moratorium will likely ‘cost’ only RM6.4 billion which is only 7 per cent of the three-year annual profits for the top eight of the local banks or 20 per cent of their 2020 profits,” the groups said.
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