Moratorium: BNM needs to improve communications - Tengku Zafrul

There has been some confusion over the statement issued by Bank Negara Malaysia (BNM) yesterday, according to Finance Minister, Senator Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said BNM should improve communication with customers to avoid the issue of confusion.

"There is a misunderstanding in the FAQ posed by BNM. The illustrations provided are also confusing. But there is no difference in the provisions.

"Regardless, the customer will have to pay the interest later, it is not without interest. The customer is confused about whether he will be fined or no interest charged. That is why there is confusion in the FAQ.

"But in BNM's statement there is no explanation (but) this morning BNM has clarified and it is clear. I hope that communication between banks and customers be improved,” he said when opening the Special Grants System at the Bangi Tower on Friday.

Yesterday, in a statement issued by BNM, the borrower did not have to apply for the moratorium and had only to complete the necessary documentation to authorize the law on the moratorium.

According to BNM, the purpose of the moratorium was aimed at facilitating the cash flow of borrowers who were impacted by the COVID-19.

"I think BNM has made it clear in their FAQ that the interest is always accrued but not compounded," Tengku Zafrul said.