KUALA LUMPUR (April 29): Bank Negara Malaysia (BNM) announced today Dr Yeah Kim Leng's reappointment and Datuk Dr Gan Wee Beng's appointment as external members of the central bank's monetary policy committee (MPC), effective April 1, 2019.

In a statement today, BNM said this follows the enactment of the Central Bank of Malaysia Act 2009, which provides for the appointment of external members to the MPC.

BNM said Yeah's reappointment is for one-year term while Gan's appointment is for two years. "The monetary policy committee is responsible for formulating monetary policy and policies for the conduct of monetary policy operations. Monetary policy is autonomously formulated and implemented by BNM, as mandated in the Central Bank of Malaysia Act 2009.

"The appointments of Yeah and Gan will continue to enhance the collective expertise and experience relevant to the responsibilities and functions of the monetary policy committee," BNM said.

According to BNM, Yeah is now a professor of economics at Sunway University Business School after serving as the Dean of the School of Business at the Malaysia University of Science and Technology.

"Yeah was previously the group chief economist at RAM Holdings Bhd, having served the organisation for two decades. Prior to joining RAM, Yeah was a senior analyst at the Institute of Strategic and International Studies (ISIS) Malaysia," BNM said.

Gan is currently a board member of Perbadanan Insurans Deposit Malaysia. BNM said Gan, who was previously a board member at Kumpulan Wang Persaraan (Diperbadankan) (KWAP), had held several positions in CIMB Group including as advisor for investment banking, and executive director at CIMB Bank, CIMB Investment Bank and CIMB Securities Bhd.

"Prior to this, he was a senior advisor at the economics department of the Monetary Authority of Singapore, and consultant to The World Bank, International Labour Organisation and BNM," the central bank said.

BNM said that with Yeah and Gan on board, the MPC now comprises seven members. The other members are Governor Nor Shamsiah Yunus besides Deputy Governors Abdul Rasheed Ghaffour and Jessica Chew Cheng Lian as well as Assistant Governors Norzila Abdul Aziz and Marzunisham Omar.