Azlan Othman

Interim measures have been put forward to alleviate the financial burden of several sectors brought on by the current spread of COVID-19 in the country.

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said the Autoriti Monetari Brunei Darussalam (AMBD) and the Ministry of Finance and Economy (MoFE) have met with the banking industry and stakeholders to address the impact of the COVID-19 outbreak on local businesses.

To support the impacted sectors and minimise disruption to economic activities, AMBD and the Brunei Association of Banks (BAB), under the guidance of the ministry, recognise the important role of the banking industry and have agreed to a six-month deferment on principal repayments of financing or loan for tourism, hospitality/event management, food and beverage and air transport sectors, effective April 1.

AMBD added that this deferment will be extended to food and medical supply importers to support higher cash flow required to meet the surge in demand in the country.

All bank fees and charges, except third-party bank charges related to trade and payment transactions for companies in these sectors, will be waived for a period of six months.

This will help businesses to self-sustain and AMBD encouraged these savings to be transferred to the public.

In an effort to encourage social distancing and minimise visits to the bank, online interbank transfer fees and charges will also be waived for the next six months for all customers.

The public is encouraged to use existing digital payment platforms offered by the banks and other payment system providers.

Banks have also been urged to review their lending rates in the prevailing environment. Every bank has its own corporate social responsibility (CSR) initiatives, and these banks are currently looking to expand these activities further.

The minister said with all the various stakeholders working together, under the Whole of Nation approach, the private sector is expected to play their part in retaining existing workforce.

Meanwhile, AMBD assured the public that the banking sector has remained resilient, strong and well-capitalised, and the agency will continue to monitor the development and work together with financial institutions and implement additional measures when necessary.

For more information, call AMBD at 2388388 or email to [email protected]