Malaysia's central bank governor is out, yet another departure following the shock election defeat of the government last month. A replacement has already been lined up.
Muhammad Ibrahim , the head of Malaysia's central bank – Bank Negara Malaysia (BNM) – has resigned from the position he was awarded only two years ago, according to «Channel News Asia». This is less than halfway through his five year term.
He will likely be succeeded by the former deputy governor, Nor Shamsiah Mohd Yunus. who was involved in policies that helped strengthen the banking system during the Asian financial crisis. She was also involved in developing the financial industry's 10-year master plan through 2010. She left the central bank in November 2016 after her tenure ended.
Changes After Watershed Elections
Ibrahim's resignation is the latest in a wave of changes at top government bodies in Malaysia after the country's electorate kicked out the ruling party.
Newly-appointed Finance Minister Lim Guan Eng said that the previous administration of Najib Razak had paid off some debts related to 1Malaysian Development Berhad (1MDB) – the country's state fund – using the sales proceeds of a land parcel to the central bank. The central bank earlier had said that the purchase was transacted at a fair value (estimated at $520 million) and complied with governance requirements and the law.
