KUALA LUMPUR (July 4): Bank Negara Malaysia (BNM) has appointed Shaik Abdul Rasheed Abdul Ghaffour as its new deputy governor for a three year term, effective July 16, 2016.

With the appointment, the central bank has now three deputy governors, namely Datuk Nor Shamsiah Mohd Yunus, Dr. Sukudhew Singh and Rasheed.

In a statement today, BNM said deputy governor Abdul Rasheed will be responsible for the financial sector's regulation and development.

This includes payment systems, as well as the international reserve management, money market operations and foreign exchange administration.

Abdul Rasheed is currently the assistant governor responsible for the monetary policy and economics sector which consists of the monetary policy, economics, international and statistical services departments of the bank.

He is a member of the bank’s management committee, as well as several policy committees, namely the monetary policy committee, reserve management committee and risk management committee.

Abdul Rasheed has served at the International Monetary Fund (IMF), Washington D.C. as the alternate executive director of the South East Asia voting group on the IMF executive board.

He had a key role in the development and successful implementation of the Financial Sector Masterplan (2001-2010) and formulation of the Financial Sector Blueprint (2011-2020).

He was also involved in the regional cooperation initiatives during Malaysia’s chairmanship of ASEAN, including the endorsement of the Summary of Achievements of ASEAN Financial Integration and the development of the ASEAN Financial Integration Plan-Post 2015.

Abdul Rasheed joined BNM in 1988 and holds a Bachelor Degree in Economics from University of Malaya.