KUALA LUMPUR (Jan 14): Bank Negara Malaysia (BNM) announced today former Malaysian Rating Corp Bhd (MARC) chief economist Nor Zahidi Alias’ appointment as the central bank’s monetary policy committee’s external member to help formulate the country's monetary policies.

In a statement today, BNM also announced Datuk Dr Gan Wee Beng’s reappointment as the monetary policy committee’s external member. 

BNM said Nor Zahidi's appointment and Gan’s reappointment are for two-year terms, effective Jan 1, 2021 and April 1, 2021 respectively.

"The appointment of Nor Zahidi and [reappointment of] Gan will continue to enhance the collective expertise and experience relevant to the responsibilities and functions of the monetary policy committee. 

"With their appointment, the monetary policy committee will comprise a total of eight members,” BNM said.

BNM said its eight monetary policy committee members include central bank Governor Datuk Nor Shamsiah Yunus, Deputy Governors Datuk Abdul Rasheed Ghaffour, Jessica Chew Cheng Lian and Marzunisham Omar besides Assistant Governors Norzila Abdul Aziz and Dr Norhana Endut.

According to BNM, under the Central Bank of Malaysia Act 2009, the monetary policy committee is responsible for formulating monetary policies for the conduct of monetary policy operations. 

The Central Bank of Malaysia Act 2009 also provides for the appointment of external members to the monetary policy committee, the regulator said.

On Nor Zahidi, BNM said that earlier in his career, he worked at The New Straits Times Press (M) Bhd as a senior analyst before subsequently joining Kuala Lumpur City Securities as an economist. 

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

On Gan, BNM said he has been a member of the central bank’s monetary policy committee since April 1, 2019.

He is also currently a board member of Perbadanan Insurans Deposit Malaysia (PIDM), according to BNM.