BNM Appoints Datuk Abdul Rasheed as Governor, Continuing Commitment to Stability and Growth

In a significant announcement today, Bank Negara Malaysia (BNM) revealed that Datuk Shaik Abdul Rasheed bin Abdul Ghaffour has been appointed as the Governor for a five-year term, effective from July 1, 2023, to June 30, 2028. This appointment comes following the consent of the Yang di-Pertuan Agong, Malaysia’s monarch. Datuk Abdul Rasheed will assume the role of Governor from Tan Sri Nor Shamsiah Mohd Yunus, who will be completing her successful five-year tenure on June 30, 2023.

Expressing her gratitude, Governor Shamsiah said, “Leading the Bank for the past five years has been a privilege and honor. I am grateful for the opportunity to have served the country, particularly during such a challenging and crucial period. I have complete confidence in Rasheed’s capability to lead the Bank as Governor, having worked closely with him for many years. I am certain he will effectively guide the Bank and continue its mission of promoting monetary and financial stability, supporting the sustainable growth of the Malaysian economy.”

The Board of Bank Negara Malaysia extended its appreciation to Governor Shamsiah for her exceptional contributions and service to both the Bank and the nation. Recognizing her exemplary leadership as Governor and Chairperson of the Board, the Board is confident that Datuk Abdul Rasheed, with his extensive experience and proven track record in the Bank, will further advance its excellence and diligently serve the interests of the country.

Upon his appointment, Datuk Abdul Rasheed expressed his honor and commitment, stating, “Being appointed as Governor is a great honor. I eagerly anticipate continuing and building upon Governor Shamsiah’s accomplishments. Under her guidance, the Bank has consistently fulfilled its mandate to promote monetary and financial stability, even during challenging times such as the recent pandemic crisis. She has also spearheaded various modernization initiatives within the Bank to reshape and position it better for the future’s opportunities and challenges. I pledge to fulfill the responsibilities of Governor to the best of my abilities.”

With a long-standing tenure at the Bank, Datuk Abdul Rasheed joined in 1988 and rose through the ranks to become Deputy Governor in 2016. He holds a Bachelor of Economics from Universiti Malaya and an MBA from the Saïd Business School, Oxford University. Throughout his career, he has held several key positions and currently serves as a member of the Monetary Policy Committee and Financial Stability Committee since 2015. He has played instrumental roles in the development and implementation of the Financial Sector Masterplan and Financial Sector Blueprints.

9 June 2023

Author: Terry KS

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