Malaysia names woman to head central bank<\/p>\n
KUALA LUMPUR (AFP): Malaysia has appointed Zeti Akhtar Aziz to
\nbe the new governor of the central Bank Negara Malaysia with
\neffect from May 1, the official Bernama news agency said on
\nSaturday.<\/p>\n
Zeti, 52, the first women to take the post, is currently the
\ndeputy governor. The finance ministry in a two paragraph
\nstatement to Bernama announced the appointment.<\/p>\n
The U.S.-trained economist will succeed Ali Abul Hassan
\nSulaiman who retires at the end of April when his 18-month
\ncontract expires.<\/p>\n
Zeti gained a doctorate from University of Pennsylvania,
\nspecializing in monetary and international economics in 1978.<\/p>\n
Finance Minister Daim Zainuddin said on Friday that the new
\ngovernor must be knowledgeable in the fields of banking and
\neconomics and \"be able to give me good advice.\"<\/p>\n
The post of Bank Negara governor is one of the most
\ninfluential positions in the economy. The central bank's main
\nrole is to ensure Malaysia's economic and monetary stability --
\nincluding a stable currency and low inflation.<\/p>\n
It also has overall control of the banking and insurance
\nindustry.<\/p>\n
In August 1998, Zeti, who was then the assistant governor,
\nshot into the limelight when she was made the acting governor
\nfollowing the double resignation of governor Ahmad Mohamad Don
\nand his deputy Fong Weng Phak.<\/p>\n
The government did not give any reasons for their resignation
\nbut analysts said it was due to Ahmad's policy of high interest
\nrates when the economy was hit by the Asian economic crisis in
\nJuly 1997.<\/p>\n
Ahmad and jailed ex-former finance minister Anwar Ibrahim
\nfavored a tight monetary policy to defend the ringgit, as opposed
\nto Prime Minister Mahathir Mohamad.<\/p>\n
Anwar, who was deputy premier and heir apparent was sacked by
\nMahathir in September 1998. Anwar was jailed for six years last
\nApril for abusing his powers to cover up allegations of sexual
\nmisconduct. He is now on trial for sodomy, punishable by up to 20
\nyears in jail.<\/p>\n
Ramon Navaratnam, former treasury deputy chief described Zeti
\nas a brilliant economist and a clear articulator of government
\npolicies.<\/p>\n
\"She explained to fund managers, to the World Bank and the IMF
\n(International Monetary Fund) Malaysia's approach to the Asian
\nfinancial crisis,\" he said.<\/p>\n
Malaysia fixed the ringgit's value at 3.80 to the dollar as
\npart of selective capital controls imposed in September 1998.<\/p>\n
Navaratnam, who is now adviser to Sungei Way Group, a
\nconstruction giant, said Zeti has good communications skills with
\nstaff members and close rapport with finance ministry officials
\nneeded to run the central bank effectively.<\/p>",
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