Bank Negara appoints two MPC external members

KUALA LUMPUR: Bank Negara Malaysia (BNM) has appointed Nor Zahidi Alias and reappointed Datuk Dr Gan Wee Beng as its Monetary Policy Committee (MPC) external members for two-year terms, effective January 1 and April 1, 2021, respectively.

In a statement yesterday, BNM said under the Central Bank of Malaysia Act 2009, the MPC’s responsibility is to formulate monetary policy and policies for the conduct of monetary policy operations.

“Their appointment will continue to enhance the collective expertise and experience relevant to the responsibilities as well as functions of the MPC,” it said.

Noor Zahidi was the chief economist of the Malaysian Rating Corporation Bhd (MARC), and holds a Master’s degree in Economics Policy and a Bachelor’s degree in Economics from Boston University.

Prior to his position in MARC, he was the head of research and chief economist at the Alliance Merchant Bank and head of research at the MCIS Zurich Insurance.

Meanwhile, Gan, who has been on the MPC since April 1, 2019, is currently serving as a board member of the Perbadanan Insurans Deposit Malaysia, and was previously a board member at the Retirement Fund (Incorporated) (KWAP).

He was also a senior advisor at the Economics Department of the Monetary Authority of Singapore and consultant to the World Bank and the International Labour Organisation.

BNM said with the two new appointments, the MPC will comprise eight members, including Governor Nor Shamsiah Yunus, Deputy Governor Abdul Rasheed Ghaffour, Deputy Governor Jessica Chew Cheng Lian, Deputy Governor Marzunisham Omar, Assistant Governor Norzila Abdul Aziz and Assistant Governor Dr Norhana Endut.