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  • Staff Member 01

Bank Negara’s New Governor

27th April 2016 

I welcome the announcement that Muhammad Ibrahim will be the new Bank Governor. We need more technocrats rather than political appointees in key institutions. Ideally, we need the Bank Governor to have been selected through a Parliament standing committee and not at the discretion of the PM.

I would like him to be extra vigilant and to continue to pursue the 1MDB issue without fear or favour. He should also publicly report all large and unusual money transfers and not to repeat the mistakes of the outgoing Governor Zeti.

Had Zeti reported the 1MDB Petrosaudi transfers to Good Star in 2009, the 1MDB scandal could have been contained and the thieves identified and prosecuted back then. Instead the lack of actions by those in charge, had indirectly allowed the 1MDB scandal to grow and fester unchecked.

I wish Muhammad Ibrahim all the best in this hot seat. He should do well if he speaks the truth and does what is best for the rakyat.

28th April 2016 

Another long day of policy writing at our office. After lunch, we had an impromptu visit from Dato Saifuddin Abdullah for a policy chat with my team.

Earlier this morning I gave a live phone interview with BFM radio, commenting on the appointment of Muhammad Ibrahim as the new Bank Governor. I said that the immediate litmus test of his independence is how he handles the 1MDB matter. I also warned that with a looming fiscal crisis, the new governor will be tested.

You can listen to the interview here and my interview starts at 21:40.


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