Bank Negara Malaysia Allocates Additional Funds to Compensate Flood Loss in Districts of Malaysia

Bank Negara Malaysia (BNM) announced its plans to allocate additional funding by way of MYR 2 billion for the Targeted Relief and Recovery Facility (TRRF), bringing the total to MYR 4 billion. According to the statement, another MYR 200 million was set up towards Disaster Relief Facility (DRF) 2021. 

The main aim of this new fund according to BNM, is to reduce financial burdens on Small and Medium Enterprises (SMEs) and to cover costs of repairs and the replacement of damaged business assets. The DRF is mainly directed at the flood-affected districts, as identified by the National Disaster Management Agency.

Under the TRRF, BNM is allowing Malaysian SMEs (even micro-enterprises) finances of up to MYR 500,000 per SME and MYR 75,000 per micro-enterprise as per their sta...