This article first appeared in The Edge Financial Daily, on July 5, 2016.

KUALA LUMPUR: Bank Negara Malaysia (BNM) has appointed Shaik Abdul Rasheed Abdul Ghaffour as deputy governor for a three-year term commencing July 16. He replaces Datuk Muhammad Ibrahim, who became the new governor in May, taking over from Tan Sri Dr Zeti Akhtar Aziz who stepped down after 16 years at the helm.

With the appointment, BNM now has three deputy governors, as provided for by the Central Bank of Malaysia Act, 2009.

In a statement yesterday, the central bank said Shaik Abdul Rasheed will be responsible for the financial sector regulation and development including payment systems, as well as the international reserve management, and money market operations and foreign exchange administration.

Shaik Abdul Rasheed joined BNM in 1988 and 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 sits on the central bank’s management committee, as well as the monetary policy, reserve management and risk management committees. He has also served in the International Monetary Fund (IMF) in Washington DC as the alternate executive director of the Southeast Asia voting group on the IMF executive board.