Malaysia's Anwar backs new banking measures for households and SMEs

Prime Minister Datuk Seri Anwar Ibrahim welcomed a set of banking initiatives aimed at easing the cost of living for Malaysians and supporting micro, small and medium enterprises (PMKS). The measures include the launch of a Basic Credit Card (Kad Kredit Asas) offering a maximum interest rate of 14% per annum, compared with up to 18% on standard cards, and allowing existing cardholders to transfer balances without fees.

Effective 1 July, a RM1 fee on cash withdrawals from any of the more than 14,000 bank‑operated ATMs in the country was abolished. Targeted relief for borrowers and PMKS includes temporary loan‑payment deferrals, reduced instalments and longer financing terms. A RM5 billion SME Stabilisation Fund has been set up, with RM1 billion already allocated to about 1,500 businesses and another RM4 billion available for further applications.

Anwar praised the banking sector’s cooperation with the government’s MADANI agenda, saying the steps reflect a more humane and responsible financial system for the people and small businesses.