Jessica Chew is Bank Negara’s new deputy governor, after Dr Sukhdev Singh relinquished the post. Sukhdave is the second deputy governor to have stepped down after Tan Sri Muhammad Ibrahim took over as governor. How are you to dr sukhdev singh bank negara forex confidence when you appoint a questionable governor? The United Kingdom has some credible case studies in this regard.
Another glaring point to note is Irwan has no monetary policy experience. He has been a fiscal man throughout his career. It may be interesting to note that of the three current deputy governors, only deputy governor Sukhdev Singh has direct experience in monetary policy management, but he is of the wrong colour to make the cut. Ambassador to the United States Awang Adek would have been okay, but he has apparently declined to be considered. Don’t even think about the suitability of commercial bankers.
They usually know nuts about monetary policy and our past history of screw-ups took place when bankers were at the helm of Bank Negara. Why bypass the existing Bank Negara deputy governors? And who knows, Bank Negara would surely enter into uncharted waters if there is any truth in what The Wall Street Journal had reported. Bank Negara’s governor must be of impeccable integrity. He has been tainted by the scandals in the organisations in which he was a member of the board.
What did he know about that, and when did he know it? It is the government’s responsibility to ensure that the country’s assets and funds are well-managed and are transparent, but I can’t say this of the current government. Our country has not projected a good image for several years now. It is only when the people, especially the poor kampung Malays, are aware of the threat and the critical situation the country is currently in and resolutely elect a new government to clean the financial mess once and for all, that can there be hope. Otherwise, the country would be destroyed forever when the next destructive economic tsunami sweeps the region or the world. We need to right things now.