20,000 SRF applications worth RM10 billion approved

More than 20,000 Special Relief Facility (SRF) applications have been approved by participating financial institutions with a value of RM10 billion.

Bank Negara Malaysia Governor, Datuk Nor Shamsiah Mohd Yunos said, demand for SRF by Small and Medium Enterprises (SMEs) was so encouraging that the initial allocation of RM5 billion was insufficient.

"Following the high growth, BNM has increased the size of the SRF by another RM5 billion to meet the demands that financial institutions have approved," she said at a special online media conference on Wednesday.

According to Shamsiah, SRF is expected to save more than 200,000 jobs.

Bank Negara, she said, also assured that it would ensure the smooth implementation of the SRF so that benefits would be received immediately by SMEs.

The Government through its Economic Stimulus Package (PRIHATIN) previously announced a series of financial assistance including SRFs focused on SMEs.

Shamsiah said through the opening of the economic sector, SMEs could now refer back to all kinds of assistance provided by the government and BNM.

"All our policies are to reduce the economic impact of COVID-19 including the large-scale stimulus package and BNM's move to reduce the Overnight Policy Rate (OPR)," she added.