Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on November 29, 2017

KUALA LUMPUR: Dr Sukudhew (Sukhdave) Singh has decided to relinquish the position of Bank Negara Malaysia’s (BNM) deputy governor after 31 years of service in the central bank.

This makes him the second deputy governor to step down from the position after Tan Sri Muhammad Ibrahim took over as the central bank’s governor in May last year.

Datuk Nor Shamsiah Mohd Yunus, former deputy governor, did not stay on when her term ended in November last year.

BNM announced that Jessica Chew Cheng Lian has been appointed as the new BNM deputy governor following Sukhdave’s retirement, which will take effect on Dec 31.

In what appeared to be a message from Sukhdave to BNM staff yesterday that has gone viral, one paragraph read: “As you all know by now, I am leaving the bank soon. Some of you have asked me why I am leaving and I must confess that I have evaded the question. All I can say is that my life in the bank has been based on certain professional expectations, and when I find myself put in circumstances where those expectations can no longer be met, there could have been no other decision for me.”

In a statement yesterday, BNM said the minister of finance has approved Chew’s appointment for a three-year term, starting from Jan 1, 2018.

As deputy governor, she will be responsible for the financial sector’s regulation and development including payment systems, organisational development sector and centralised shared services.

Chew is currently the assistant governor responsible for the development of regulations and policies in the banking and insurance sectors, focusing on efficiency, innovation, market institutions and structures, development finance and talent development.

On top of that, she is responsible for payment systems development and regulation and oversight of the money services business. Chew is also a member of BNM’s monetary policy committee and the financial stability committee.

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