Agrobank Welcomes YAB Prime Minister’s Announcement on Targeted Moratorium Extension

KUALA LUMPUR – In line with measures announced by YAB Prime Minister Tan Sri Muhyiddin Yassin on 29 July 2020, Agrobank welcomes the initiative taken by the Gov- ernment on the matter where a targeted extension for the moratorium on bank financings will be granted for those who either lost their jobs or had pay cuts this year to enable Malaysians to cope with the economic situation arising out of the COVID-19 pandemic.

“After three months, the moratorium period can be extended by the banks depending on the individual’s situation. For individuals who are employed but have had their wages cut, their monthly installments will be decreased in tandem with their pay cuts,” Muhyiddin said in a televised address on Wednesday (July 29).

Commented on the announcement, Khadijah Iskandar, Covering President/ Chief Exec- utive Office of Agrobank said, “Agrobank welcomes the proactive measures announced by YAB Prime Minister to support Malaysians who are still experiencing financial con- straints during this challenging period.”

“As a financial institution that has always prioritised the well-being and advancement of people and communities in agriculture industry, we hope this will help our customers who are facing with financial adversities and allow them to focus on other more critical areas of their livelihood,” she added.

Khadijah further commented, apart from these two target groups, other affected custom- ers are also welcome to contact their respective branch officers or relationship managers to discuss possible solutions to overcome any financial challenges they may be facing.

“Should the situation persist, the bank will consider the possibility of offering restructuring and rescheduling of financing and it would be open to both of our business and SME customers as well as individuals affected by the current situation and would be assessed on a case-to-case basis,” she added.