Thursday 5 March 2020
Governor Seegolam held a Special Banking Committee meeting with Chief Executives of banks today. The meeting was convened to jointly assess the potential impact of the outbreak of COVID-19 on banking services and the domestic economy.
The Governor informed Chief Executives, amongst others, that the Guideline on Credit Impairment Measurement and Income Recognition, which is effective since January 2020, is being placed on hold until further notice.
He further appealed to banks to exercise flexibility towards economic operators which might be impacted and to maintain banking services without disruption. Governor Seegolam encouraged the use of digital platforms, without compromising on cybersecurity.
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