Nor Shamsiah appointed as Bank Negara governor for 5 years effective July 1 (Updated)

PUTRAJAYA: The Yang di-Pertuan Agong has granted his royal consent for the appointment of Datuk Nor Shamsiah Mohd Yunus as the new central bank governor.

Nor Shamsiah will be appointed as the Bank Negara Malaysia (BNM) governor for a term of five years from July 1, 2018 till June 30, 2023.

“I would like to thank the Prime Minister and the government for this opportunity to serve the nation. It is with utmost sense of honour and responsibility that I accept this appointment.

“I will endeavour to carry out the duties of governor of BNM to the best of my ability together with the present team in BNM,” she told reporters at a press conference today.

She said BNM will continue to focus on delivering its mandates of maintaining monetary and financial stability in the best interest of the nation.

Asked what her immediate priorities will be as the new governor, she said it is too early to tell.

“I have been away for nearly two years and it's too early for me to say what the priorities are. I will need to go back and start my responsibilities in July and discuss with the staff the current situation and what would be the priorities moving forward,” she added.

Finance Minister Lim Guan Eng, who announced her appointment at the press conference, said that the appointment of Nor Shamsiah would evoke confidence at the international level.

Prime Minister Tun Dr Mahathir Mohamad had on Monday (June 18) forwarded his recommendation to the Yang di-Pertuan Agong to appoint Nor Shamsiah as the new governor.

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She was formerly the deputy governor from 2010 until 2016 and recently served as assistant director of the monetary and capital markets division of the International Monetary Fund.

She joined BNM in 1987 and has served in various areas including prudential regulations, legislation, policies and guidelines for the financial sector and supervision.

She was involved in the financial sector resolution initiatives during the Asian financial crisis.

She also played a key role in the formulation and implementation of the Financial Sector Masterplan (2001-2010) and Financial Sector Blueprint (2011-2020) that charts the development of the Malaysian financial system.

In her previous role as deputy governor, she was responsible for banking, insurance and Takaful supervision, financial intelligence and enforcement, talent management, finance and shared services.

Nor Shamsiah served as BNM deputy governor for six years until her contract ended in November 2016. She was involved in the investigation of state fund 1Malaysia Development Berhad (1MDB) during her tenure.

She will replace Tan Sri Muhammad Ibrahim, who resigned earlier this month. He was less than halfway through his five-year term when he left on June 6.

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