This article first appeared in The Edge Malaysia Weekly, on Month November 16 - 22, 2015.

IF Tan Sri Zeti Akhtar Aziz gets her way, last Friday’s quarterly gross domestic product (GDP) announcement briefing would be the last the Bank Negara Malaysia governor had without a named successor, and the last she would speak of uncertainties over the timing of the US Federal Reserve’s long-contemplated interest rate hike.

“I’m sure we are all looking forward to a normalisation of policy in the US and I do believe that when that happens, it will contribute to greater stability of the global financial markets,” Zeti said, adding that the stability will, in turn, promote investment flows and allow the ringgit “to better reflect [its] fundamentals”.

Incidentally, on the same day, The Wall Street Journal said 92% of the business and academic economists the paper polled in recent days expected the Fed to raise its benchmark rate at its Dec 15 to 16 policy meeting. Only 5% said the Fed would hold off until March while 3% predicted rates would stay near zero beyond that.

Whichever camp is right on lift-off, Zeti, who in August hinted at retirement when her current contract ends in April next year, last Friday spoke further on handing over. “I do believe and I would encourage the [Bank Negara] governance committee to convene and conclude on this issue [of appointing a new central bank governor] at least three months before the appointment.”

If her successor is named by end-January 2016, Malaysia’s fourth-quarter 2015 GDP announcement in February next year would likely be the last for the 68-year-old “career central banker”, who has been with Bank Negara for 35 years and its governor since May 2000.

She assured that the institution is built to remain strong as a team. “I’m supported by very outstanding and exceptional deputy governors as well as assistant governors and heads of department. We have succession planning five levels down and this reflects the solidness of the bank. I do believe we have a candidate for governor.”

The Central Bank of Malaysia Act 2009 states that the central bank governor and deputy governors “shall be persons of impeccable reputation with proven experience and recognised knowledge in monetary and financial matters”.

The three current deputy governors are Datuk Muhammad Ibrahim, Datuk Nor Shamsiah Mohd Yunus and Sukudhew Singh. It is understood that candidates outside Bank Negara are also being considered for the governor’s post.

Zeti didn’t say who would make the best successor, but she would likely endorse one who “can protect the institution from being drawn into any political agenda”.

“I think we owe it to the people of this country to remain so. The effectiveness of the bank is based on the trust and respect of the people, the industry and the market. We just focus on doing our job, and our job remains [that of] ensuring macroeconomic stability and financial stability so that people can function in a stable financial and economic environment.”

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