Finance Minister: Bank Negara to continue operating as an independent body

KUALA LUMPUR (June 22): The country’s central bank will continue to act as an independent entity based on the rules set out in the legislation, Bernama reported Finance Minister Lim Guan Eng as saying today.

“This is a government that operates under the rule of law. We will respect the present role as outlined under the present laws,” Lim said at a media conference announcing the appointment of Datuk Nor Shamsiah Mohd Yunus (pictured) as governor of Bank Negara Malaysia (BNM).

Lim had to clarify BNM’s status when questioned if the bank would come under the purview of the Finance Ministry as the announcement of the new appointment was made by him.

“I am just making the announcement (of the appointment). The announcement can be made in a press statement or at a press conference. So, (by having a press conference) we are (also) letting everyone see the new BNM governor in person,” he said after announcing the appointment here today.

"The announcement is made following several earlier news reports…. It seems there have been many news leaks, which is why we are making the announcement this afternoon,” Lim explained.

Nor Shamsiah was the deputy governor of BNM from 2010 until 2016. She recently worked at the International Monetary Fund as assistant director of the Monetary and Capital Markets Division.

Her appointment as governor is for a term of five years from July 1, 2018, to June 30, 2023.  

Nor Shamsiah thanked the prime minister and the government for the opportunity to serve Malaysia.

“It is with an utmost sense of honour and responsibility that I accept this appointment. I will endeavour to carry out the duties of the governor of BNM to the best of my ability together with the present team,” Bernama reported Nor Shamsiah as saying.