“Such moves were crucial to avoid economic shocks as experienced during the Asian Financial Crisis, which saw a contraction of 7.36% in gross domestic product in 1998, ” said governor Datuk Nor Shamsiah Mohd Yunus.(pic)
KUALA LUMPUR: The local banking and financial sector has experienced one of its toughest years in 2020, but capital and liquidity buffers built over the years have enabled the industry to tackle the challenges from a position of strength, helping the country to cushion the impact of the Covid-19 pandemic.
The six-month automatic moratorium and monetary policy measures were among the actions undertaken by the government and Bank Negara.