Malaysia’s Banking and Finance Sector to Fall If Economy Remains Closed Following COVID-19

The Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin, has stated that the entire banking and financial sector in Malaysia could take an MYR 1 trillion hit if the economy remains closed following the COVID-19 pandemic. Muhyiddin made this statement citing a discussion with the Governor of Bank Negara Malaysia.

Whilst discussing the global impact of COVID-19, the Prime Minister stated that Malaysia needs to improve its economic activities in the short term as many factories in the country halted operations for months, leading to Malaysia’s businesses and economy remaining idle as a result of the movement control order that was enforced to contain the spread of the pandemic.

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