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BNM Will Remain Steadfast Despite Governor’s Resignation

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KUALA LUMPUR – Former Bank Negara Malaysia (BNM) Governor Tan Sri Dr Zeti Akhtar Aziz believes that BNM will remain steadfast in performing its duty as the central bank despite the resignation of its Governor Tan Sri Muhammad Ibrahim.

“The central bank is a solid institution that was established to serve the people,” she said when met at Menara Ilham today after attending the Council of Eminent Persons meeting here, today.

Zeti, a member of the council, however, refused to comment further on the matter, saying she would reserve her comments to the relevant authorities.

“You have to wait and see and I give my reaction to the people involved,” she said.

Prime Minister Tun Dr Mahathir Mohamad had earlier confirmed the resignation of Muhammad who was appointed as the eighth BNM Governor on May 1, 2016, succeeding Zeti.

The Prime Minister said the government, however, had not decided on Muhammad’s successor as the replacement needed the approval from the Yang di-Pertuan Agong Sultan Muhammad V.

UOB Kay Hian Securities in a research note said news had been circulating that former BNM Deputy Governor Datuk Nor Shamsiah Mohd Yunus could be among the candidates being considered to succeed as the Governor of the central bank if Muhammad resigns.

“The potential appointment of Nor Shamsiah will ensure continuity in BNM’s prudent and pragmatic approach in policy formulation while instilling confidence in the stability of our financial system,” it said.

The research firm said this was given the fact that Nor Shamsiah had worked in BNM for some 29 years and had played a key role in the preparation and implementation of the Financial Sector Masterplan for the development of the Malaysian financial system from 2001 to 2010.

UOB Kay Hian said prior to leaving BNM, she was the Deputy Governor from 2010 to 2016 and was even considered as one of the potential candidates to replace Tan Sri Zeti Akhtar Aziz as BNM governor back in 2016 given her level of experience and seniority within BNM.

“As such, we are not surprised that press reports have listed her as one of the potential candidates to succeed Muhammad,” it added. – BERNAMA

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