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Congratulations To Datuk Dr Zeti As The New Bank Negara (Malaysian Central Bank) Governor--This Is An Opportunity To ImproveThe Domestic Financial Architecture. Statement by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong on the appointment of Datuk Dr Zeti to be the new Bank Negara Governor starting from 1 May 2000. 23 April 2000 | |||||||
| After the July 1997 economic crisis, Dr Zeti became Acting Bank Negara (BN, Malaysian Central Bank) Governor and then Deputy Governor upon the appointment of Tan Sri Abul Hassan as Governor. In the last few years, she has learned about the workings of BN. Congratulations to Dr Zeti for her appointment as the new BN Governor. BN plays a pivotal part in the Malaysian economy. We hope that Zeti can help to make the domestic financial architecture, DFA, stronger, such as eradicating cronyism, nepotism, mismanagement, and wanton waste. The foreign exchange reserves of over US$300 billion are relatively small. She may be able to help increase it gradually. Perhaps, US$1000 billion. Although the Finance Ministry has formulated a strategy to handle non-performing loans, NPL, such as Danaharta, the problem is not yet fully resolved. At one stage when marauding foreign currency speculators attacked Malayisan Ringgits, introducing Foreign | |
Exchange Control is a workable step. We hope that Dr Zeti can help work out a strategy on the control in the future. We are faced with globalisation and certain weaknesses in the International Financial Architecture, IFA. Marauding speculators make use of these weaknesses. If these remain for years, what do we do with the capital control? The 10 anchor banks for mergers in banking will have to show what they can do. But the issue is not resolved. Zeti can tell us how she can use the internationally accepted methods to bring about the mergers, to improve efficiency and competitiveness. Globalisation, information technology, e-commerce, knowledge economy, new (Internet) economy and other newfangled tools have a tremendous impact on the domestic financial architecture. BN would have to improve its supervision on the insurance industry. For instance, it can set up an inspectorate of insurance, so as to make the industry healthier.
Dr Tan Seng Giaw | |||||
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