(Aug 27): Prominent banker Datuk Seri Nazir Razak said he had not expected to made part of a new economic committee announced by his older brother, Prime Minister Datuk Seri Najib Razak yesterday.

The CIMB Group chairman, who has occasionally spoken critically of current issues involving Najib's administration on his Instagram account, expressed surprise in a post this morning.

"Expected a new committee, but not with me in it!

"Anyway, will speak truth to power & hope it will help Govt to steer economy through this turmoil, and lessen the pain," he wrote.

His post included a graphic showing the members of the Special Economic Committee (SEC), headed by Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar.

Other members of the 10-men committee include former minister in the prime minister's department in charge of economic planning unit Tan Sri Nor Mohamed Yakcop, who is now Khazanah Nasional deputy chairman, and Khazanah Nasional managing director Tan Sri Azman Mokhtar.

Economist Tan Sri Andrew Sheng, who is chief adviser of China Banking Regulatory Commission, Symphony Life Bhd chief executive Tan Sri Azman Yahya, RAM Holdings Bhd chief executive officer Datuk Seri Dr K. Govindan, Universiti Kebangsaan Malaysia vice-chancellor Prof Datuk Moor Azlan Ghazali, chairman of the Association of Banks in Malaysia Datuk Abdul Farid Alias, and Federation of Malaysian Manufacturers president Datuk Seri Saw Choo Boon are also in the committee.

On Tuesday, Najib, who is also finance minister, unveiled the committee which is to consider immediate and medium-term planning to further strengthen the country's economic fundamentals.

He said the setting up of the committee, which would report directly to him, followed the current situation with Malaysia's economy and the need to reduce global impact on the country.

"The decision to set up SEC is based on the need of the government to develop and implement immediate measures and plans to ensure that Malaysia continues to grow," he told a media briefing yesterday.

This comes as the ringgit hits its lowest point in value against the US dollar in 17 years, and as Bank Negara digs deep into its international reserves to shore up the currency. Reserves were at US$94.5 billion as of August 14. – The Malaysian Insider