Kota Melaka MP: Is Zafrul Defending Bankers over Malaysians?

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A DAP lawmaker today questioned if Finance Minister Tengku Zafrul Tengku Abdul Aziz was more interested in taking care of banks than Malaysians.

Kota Melaka MP Khoo Poay Tiong said the former CIMB CEO should remember that he is a minister first and no longer a banker.

“I do not agree with the finance minister. I want to ask him whether he cares about the bankers or he wants to save the people and businesses which are suffering?

“Does he want to take care of bankers or the people? The finance minister should answer this,” he said when debating the royal address.

Khoo’s outbursts came after Zafrul told the Dewan Rakyat this morning that banks are suffering RM6.4 billion in losses as a result of the six-month loan repayment moratorium.

Khoo said he was a manager with Maybank for 11 years, so he had the experience on how they operated.

He also said the banks are not really making loses and the moratorium only delayed payments for loans

“The moratorium does not give direct losses to the banks. The loans still need to be serviced after the moratorium ends. The interest also still needs to be paid,” Khoo said.

Khoo suggested that the government increase the banks’ liquidity so they can give out more loans and profit from it.

“If this is the problem, there is an easy solution. Can’t the government increase the banks’ liquidity?

“Reduce the bank statutory ratio so banks have extra cash to give out loans to the people or businesses,” he said.

Zafrul also earlier said the ability of banks to give out loans has been reduced by RM79 billion.

The six-month loan moratorium was put in place in March to help people wade through tough economic times due to the Covid-19 pandemic

The government recently said it will not be extending the moratorium when it ends in September. – TMI