Latest news with #AbdulRasheedGhaffour
The Star
7 days ago
- Business
- The Star
AICB reaffirms role in shaping future-ready bankers
AICB chairman Tan Sri Azman Hashim. KUALA LUMPUR: The Asian Institute of Chartered Bankers (AICB) has reaffirmed the growing importance of nurturing future-ready and ethical banking and finance professionals, amid rising challenges in cybersecurity, data privacy, sustainable finance, and the accelerating pace of digital transformation and financial technology. In a statement, AICB said it had recently held its Eighth Chartered Banker Conferment Ceremony, honouring banking professionals who exemplify the highest standards of professional excellence and lifelong learning in an increasingly complex financial environment. Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour, who delivered the special address at the event, said Malaysia has made significant investments in developing talent for its financial sector. 'Over the years, we have built a comprehensive ecosystem of talent affiliates offering training, certification, and forward-looking guidance on the skills needed by the financial industry. 'I also wish to highlight the important role of financial institutions in complementing these efforts through their respective learning and development academies,' he said. While acknowledging that the financial services sector benefits from a strong talent development ecosystem, he stressed the need for more collective action to future-proof the workforce. AICB chairman Tan Sri Azman Hashim said he was deeply honoured by the recognition received at the event. 'Banking transcends numbers – it is about trust, stewardship and purpose. I hope this inspires more professionals to embrace continuous learning and lead with integrity in shaping the future of finance,' he said. AICB chief executive Edward Ling said in today's environment, professionalism and upskilling in banking are no longer optional but essential. 'At AICB, we are committed to expanding our growing community of over 800 chartered bankers in the next two years, empowering the industry with future-ready capabilities. 'Through our robust education programmes, Future Skills Framework, and thought leadership in areas such as digital innovation and sustainable finance, we aim to equip members with the critical skills and professional foundations needed to navigate and innovate the future of banking and finance,' he said. 'Attended by over 480 guests, including members of the AICB Council and C-suite executives, the Eighth Chartered Banker Conferment Ceremony reaffirmed AICB's role in building a resilient, ethical, and future-ready banking workforce for Malaysia and the region,' AICB said. AICB added that as banking continues to evolve, it remains committed to professionalising and upskilling the workforce through its education offerings. — Bernama
New Straits Times
23-05-2025
- Business
- New Straits Times
SRR cut strengthens liquidity, unrelated to OPR: Bank Negara governor
KUALA LUMPUR: Bank Negara Malaysia's move to lower the statutory reserve requirement (SRR) is a proactive measure to ensure sufficient liquidity in the country's financial system. In an exclusive interview with TV3, Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour explained that the SRR reduction is crucial in managing current uncertainties in the financial markets. It also aims to ensure that the banking system remains ready to support the financing needs of businesses and individuals. He also addressed reports linking the SRR reduction with a potential adjustment in the overnight policy rate (OPR) during the upcoming monetary policy committee (MPC) meeting in July. "SRR is not a monetary policy tool like the OPR. It is a liquidity management tool to ensure there is enough liquidity in the banking system, so banks can continue providing financing to the economy," he explained. The SRR reduction does not indicate a lack of liquidity in the banking ecosystem, but rather serves to further strengthen the country's financial system. "Even though there is sufficient liquidity in the banking system, we are taking this step to provide added assurance. When banks have surplus cash in their assets, they are more capable and likely to extend loans," he added. The governor said Bank Negara will continue to monitor developments and take appropriate action to maintain stability in the country's financial markets. "We will ensure the financial system remains stable and markets stay orderly, without being overly exposed to significant fluctuations. This is crucial to support economic growth and investor confidence," he added. With a holistic and data-driven policy approach, Bank Negara remains committed to ensuring Malaysia's economy continues to grow in a stable and sustainable environment. The current SRR rate of one per cent was last implemented in 2009 during the financial crisis, and the most recent SRR reduction was in 2020 during the Covid-19 pandemic. Abdul Rasheed clarified that Bank Negara's current monetary policy is aligned with Malaysia's economic growth outlook and is intended to stimulate growth without putting upward pressure on inflation. The current OPR level of three per cent, he said, is based on assessments of inflation prospects and economic growth. "What we see is the need to maintain a balance between economic growth and the inflation rate. The objective of our monetary policy is to achieve sustainable economic growth in a stable price environment," he explained further. In addition to the OPR, Abdul Rasheed said there are various other instruments available to support the national economy, including government fiscal policies and Bank Negara's market operations. "For example, we can ensure the foreign exchange (forex) market remains orderly without excessive volatility, so that companies can make business decisions with confidence," he said. The governor said the central bank will continue to monitor current conditions and take necessary measures to maintain the stability of the country's financial markets. Meanwhile, he said Malaysia's economy remains resilient despite the Middle East geopolitical tensions and rising global trade tensions from potential US tariffs. Abdul Rasheed Ghaffour said Malaysia's economic growth forecast for this year is expected to remain largely unchanged, underpinned by the country's strong and diversified economic fundamentals. "In my view, due to the many factors that can support the country's economic growth, the current projection of 4.5 per cent to 5.5 per cent growth will only shift slightly, InsyaAllah not significantly," he said. Earlier, Bank Negara was reportedly reviewing the gross domestic product forecast, with an official announcement expected within the next one to two months. Abdul Rasheed said the International Monetary Fund had revised its global economic growth forecast down from 3.3 per cent to 2.8 per cent, while global trade growth projections were also reduced from 3.2 per cent to just 1.7 per cent. He said the updated forecast would only be finalised once there is greater clarity on US tariff policies and the outcome of trade negotiations between Malaysia and the world's largest economy. Abdul Rasheed lauded the government's proactive approach to provide targeted support to segments affected by tariff policies, while preserving room for fiscal and monetary policy intervention, if needed. "At this point, there is no need to implement such policies, but we have the space to do so if necessary," he added. He also highlighted the government's structural reform efforts, such as reducing the fiscal deficit and promoting high-quality investments into the country. This means these investments will create high-value jobs and subsequently generate higher income.
New Straits Times
21-05-2025
- Business
- New Straits Times
Minor revision of GDP forecast amid resilient fundamentals: Bank Negara governor
KUALA LUMPUR: Malaysia's economy remains resilient despite Middle East geopolitical tensions and rising global trade tensions from potential US tariffs. The reassurance came from Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour, who believes that external risks pose only a minimal and manageable threat to the country's economic stability. He said Malaysia's economic growth forecast for this year is expected to remain largely unchanged, underpinned by the country's strong and diversified economic fundamentals. "In my view, due to the many factors that can support the country's economic growth, the current projection of 4.5 per cent to 5.5 per cent growth will only shift slightly, InsyaAllah not significantly," he said in an exclusive interview with Buletin TV3 aired tonight. Earlier, Bank Negara was reportedly reviewing the gross domestic product (GDP) forecast, with an official announcement expected within the next one to two months. Abdul Rasheed said the International Monetary Fund had revised its global economic growth forecast down from 3.3 per cent to 2.8 per cent, while global trade growth projections were also reduced from 3.2 per cent to just 1.7 per cent. He said the updated forecast would only be finalised once there is greater clarity on US tariff policies and the outcome of trade negotiations between Malaysia and the world's largest economy. Diversified Trade Markets Buffer External Uncertainty Abdul Rasheed said Malaysia stands to benefit from diversified trade markets and products, despite practising an open economic policy. "No single country in the world accounts for more than 15 per cent of our total trade. Exports to the US contribute only 13.2 per cent. "Our economy is diverse in terms of trade markets, trading partners and exported products to international markets. This helps mitigate the impact," he added. The Malaysian economy structure also reflects sectoral diversity, including manufacturing, services, mining and tourism. Strong Growth in 2024, a Shield Against Global Challenges Abdul Rasheed said Malaysia is entering a period of global challenges with a strong economic position. In 2024, the national economy grew by 5.1 per cent, driven by robust domestic consumption and encouraging investments. "Consumption remains strong due to stable household incomes. The unemployment rate in the first quarter of this year was only 3.1 per cent, lower than the 3.3 per cent during the pandemic. When there are jobs and income, people will spend," he explained. In terms of investment, Malaysia recorded its highest investment in 2024 at RM379 billion, comprising both foreign and domestic investments. These investments focused on sectors such as electronics, infrastructure and green technology. "A large portion of electronics exports - around 30 per cent - are not affected by tariffs as they involve semiconductors, machinery and optical instruments, which remain relevant in the digital and AI age," he said. Government Policy Supports Growth Abdul Rasheed lauded the government's proactive approach to provide targeted support to segments affected by tariff policies, while preserving room for fiscal and monetary policy intervention, if needed. "At this point, there is no need to implement such policies, but we have the space to do so if necessary," he added. He also highlighted the government's structural reform efforts, such as reducing the fiscal deficit and promoting high-quality investments into the country. This means these investments will create high-value jobs and subsequently generate higher income.
Free Malaysia Today
20-05-2025
- Business
- Free Malaysia Today
Malaysia's trade jumps to near 3-year high amid front-loading
Malaysia's exports rose 16.4% and imports were up by 20%, exceeding analysts' median estimates for gains of 7.5% and 2.5%, respectively. (Web pic) PETALING JAYA : Malaysia's trade rose to an almost three-year high, with exports surpassing expectations amid front-loading activity. The nation's trade jumped 18.2% in April from the previous year to RM261.9 billion (US$61.1 billion), the highest monthly value recorded since August 2022, according to the investment, trade and industry ministry. Exports rose 16.4% and imports were up by 20%, exceeding analysts' median estimates for gains of 7.5% and 2.5%, respectively. Exporters have hastened shipments to preempt US tariffs. President Donald Trump in April announced a 90-day pause on plans to impose a 24% levy on Malaysia, while imposing a 10% tariff on most countries in the meantime. Malaysian officials are negotiating to bring the levies down to zero. 'Demand for manufactured goods, in particular electrical and electronic (E&E) products, increased by almost RM16 billion, boosting last month's exports,' the ministry said in a statement. 'Agriculture goods, especially palm oil and palm-oil based products, also contributed to higher shipments,' it said. 'We have already observed some signs of front-loading in E&E exports as firms try to soften the impact of tariffs,' Bank Negara Malaysia governor Abdul Rasheed Ghaffour said at a briefing on May 16. 'This underscores the strong underlying demand for E&E products. 'We expect demand for E&E to continue, supported by Malaysia's entrenched position in the global value chain and AI-related demand,' he added.
Business Times
20-05-2025
- Business
- Business Times
Malaysia trade jumps to near three-year high amid front-loading
[KUALA LUMPUR] Malaysia's trade rose to an almost three-year high, with exports surpassing expectations amid front-loading activity. The nation's trade jumped 18.2 per cent in April from the previous year to RM261.9 billion (S$79.1 billion), the highest monthly value recorded since August 2022, according to the Ministry of Investment, Trade and Industry. Exports rose 16.4 per cent and imports were up by 20 per cent, exceeding analysts' median estimates for gains of 7.5 per cent and 2.5 per cent, respectively. Exporters have hastened shipments to preempt US tariffs. President Donald Trump in April announced a 90-day-pause on plans to impose a 24 per cent levy on Malaysia, while imposing a 10 per cent tariff on most countries in the meantime. Malaysian officials are negotiating to bring the levies down to zero. Demand for manufactured goods, in particular electrical and electronic (E&E) products, increased by almost RM16 billion, boosting last month's exports, the ministry said in a statement. Agriculture goods, especially palm oil and palm-oil based products, also contributed to higher shipments, it said. 'We have already observed some signs of front-loading in E&E exports as firms try to soften the impact of tariffs,' Bank Negara Malaysia Governor Abdul Rasheed Ghaffour said at a briefing on May 16. 'This underscores the strong underlying demand for E&E products. We expect demand for E&E to continue, supported by Malaysia's entrenched position in the global value chain and AI-related demand.' BLOOMBERG
