central bank


Malaysia snaps nine-session losing run, other SE Asian shares subdued

KUALA LUMPUR, June 22 — Southeast Asian stock markets were subdued today as investors assessed the likely fallout of US-China trade tensions on corporate results, while Malaysia snapped nine sessions of losses led by gains in financial and energy…

BNM to continue operating as an independent body: Guan Eng

PUTRAJAYA: Bank Negara Malaysia (BNM) will continue to operate as an independent body according to the rules set out in the legislation, said Finance Minister Lim Guan Eng.

“This is a government that operates under the rule of law. We will respect the present role as outlined under the present laws,” he said.

Lim said this when asked whether BNM would now come under the purview of the Finance Ministry, given that the announcement on the new Governor was made by him, or would remain as an independent body.

“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.

Nor Shamsiah's appointment is for a term of five years effective from July 1, 2018, to June 30, 2023.

She takes over from Tan Sri Muhammad Ibrahim, who resigned earlier this month before completing his five-year term after questions were raised on a RM2 billion land purchase deal between the central bank and the Finance Ministry. Muhammad was appointed in May 2016.

Lim said Nor Shamsiah was appointed as she was a capable woman who inspired confidence at the international level.

Meanwhile, Nor Shamsiah thanked the Prime Minister and the government for the opportunity to serve the nation.

“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.

“BNM will continue to focus on delivering its mandate of maintaining monetary and financial stability in the best interest of the nation,” she said.

Asked on her priority as the new Governor, Nor Shamsiah said it was too early to tell as she had been “away” from BNM for nearly two years.

“I will need to go back and discuss with the staff on the current situation and what would be the priorities moving forward,” she added. — Bernama

Asian bonds sell off in May as investors hunt for better yield


BENGALURU: Asian bond markets witnessed a second consecutive month of outflows in May and will likely come under more pressure as major central banks tighten their monetary policies this year. Data from central banks and bond market associations showed foreign investors sold a total of $3.8 billion in India, Indonesia, Thailand, South Korea and Malaysian bonds in the last month. “The recent monetary policy decisions by major central banks such as the ECB announcing to end its bond buying programme soon, and the more hawkish view by the U.S. FedRead More

Euro-area growth unexpectedly gathers pace as risks persist

LONDON, June 22 — Economic momentum in the euro area unexpectedly picked up in June, suggesting the 19-nation bloc is starting to recover from a temporary soft patch just as risks to the outlook increase. Private-sector growth also gathered pace…

Bursa Malaysia stays negative at mid-day

KUALA LUMPUR, June 22 ― Bursa Malaysia stayed in negative territory at mid-day today as investors continued to withdraw funds from the equity market, amid the bearish sentiment. At 12.30pm, the key FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.45…

Most Asian currencies set for losing week, Indian rupee gains

NEW YORK, June 22 — Most Asian currencies trod water today, and with the exception of the Indian rupee they were set to end the week lower, partly due to concerns over a brewing trade war and caution ahead an Opec meeting later in the day. The…

PM says ringgit fair value is same as Asia-crisis peg

KUALA LUMPUR, June 22 ― Prime Minister Tun Dr Mahathir Mohamad said the Malaysian ringgit’s fair value today is the same as the peg that his previous government established in 1998 in a controversial move during the Asian financial crisis. Asked…

Asian shares flirt with six-month lows as signs of tariff effects appear

TOKYO, June 22 — Asian shares were under pressure today on signs US trade battles with China and many other countries are starting to chip away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising…

Greece nears end to 8-year bailout odyssey

LUXEMBOURG, June 21 — Eurozone ministers today neared an agreement to set the terms of Greece’s departure from eight years of bailout programmes, despite splits over the degree of debt relief needed by cash-strapped Athens. Greece is slated to…

Persistent selling drags Bursa Malaysia lower

KUALA LUMPUR, June 21 — Bursa Malaysia extended its downtrend today but closed off its intra-day low, primarily hit by continued foreign selling from the emerging markets. Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said the…