Prime Minister Anwar Ibrahim says robust banks are the bedrock of Malaysia’s economy, providing stability amid global uncertainty from the West Asia conflict.
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has declared the nation’s robust financial institutions as the foundational pillar of the economic system.
He stated this strength is crucial for confronting uncertainty arising from the West Asia crisis.
Speaking after chairing a roundtable with 20 domestic financial institution representatives, Anwar expressed his appreciation for their full cooperation.
He highlighted that Bank Negara Malaysia and domestic banks have worked to implement appropriate measures and improve public service quality.
“I begin by expressing my gratitude because the banks have fully cooperated,” said Anwar, who is also Finance Minister. He acknowledged issues raised by micro, small and medium enterprises regarding loan access, noting that a commendable majority of about 80% have received assistance.
The government remains alert and prepared to enact new measures to protect Malaysia’s economic position and growth. Anwar emphasised that any aid or subsidies must be channelled precisely to those truly needing assistance, rather than as blanket support.
“I have learnt from the 1990s crisis and COVID-19 that assistance must be more targeted and precise, not blanket,” he explained. The main governmental challenge is ensuring sufficient essentials like fuel, gas and fertiliser to keep growth on course.
He highlighted the country’s strong macroeconomic indicators in the first quarter of this year. Bank Negara Malaysia projects economic growth between 4% and 5% despite the crisis impact.
“This (achievement) is commendable compared to other countries,” Anwar said. He also reiterated the ringgit’s strong performance compared to other Asian currencies.
The local currency has emerged as the best performer in Asia for two consecutive years. Anwar attributed these achievements to sound management of national finances and banks, which boosts investor confidence in Malaysia’s financial system.
Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour and Treasury Chief Secretary Datuk Johan Mahmood Merican were also present at the roundtable.
