KUALA LUMPUR (June 9): Bank Negara Malaysia (BNM) has appointed Datuk Shaik Abdul Rasheed Abdul Ghaffour as the new governor, succeeding Tan Sri Nor Shamsiah Mohd Yunus, who will end her term with the central bank on June 30.

In a statement on Friday (June 9), BNM said that the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has consented to appoint Abdul Rasheed as governor for a five-year term effective July 1  to June 30, 2028. 

Nor Shamsiah expressed her confidence in Abdul Rasheed as the right person to helm the central bank.

“Having worked closely with him for many years. I have full faith in his ability to lead the bank and to continue delivering on the bank’s mandate to promote monetary and financial stability that is conducive to the sustainable growth of the Malaysian economy,” she said.

The central bank's board believes that with his extensive experience and proven track record in the bank, Abdul Rasheed will drive the bank forward and continue its tradition of excellence in advancing the interests of the country.

“It is an honour to be appointed to the position of governor. I look forward to continuing and building on the work of governor Shamsiah. Under her leadership, the bank has been steadfast in discharging its mandate to promote monetary and financial stability, even through many challenging periods which include the pandemic crisis.

"She has also set in motion various organisational modernisation initiatives to reshape and better position the bank to deal with the opportunities and challenges of the future. I will endeavour to carry out the duties of governor to the best of my ability," said Abdul Rasheed.

Abdul Rasheed joined BNM in 1988, rising to the position of deputy governor in 2016. He graduated from Universiti Malaya with a Bachelor of Economics. He also holds an MBA from the Saïd Business School, Oxford University.

Over the span of his career with BNM, he has helmed various senior positions. He is currently a member of the Monetary Policy Committee and Financial Stability Committee, a position he has held since 2015. He also played key roles in the development and implementation of the Financial Sector Masterplan and Financial Sector Blueprints.