‘Sound financial governance backdrop to stable economy’

comments     Bernama     Published     Updated

Sound financial governance is the backdrop to a stable and robust economy, says Bank Negara Malaysia (BNM) deputy governor Dr Sukhdave Singh.

Sukhdave said this involved governance structure and how decisions need to be given priority.

“Governance influences decisions, and decisions shape outcomes.

“It is no different for financial governance, be it financial decisions at international or national levels, public or private, corporate or financial institutions, household or individual, that such sound financial governance is the backdrop to stable and robust economies,” he said in his keynote speech at the Malaysian Economic Convention 2015 in Petaling Jaya today.

Sukhdave said lack of good financial governance increases the likelihood of mistakes, thus sound financial governance should be made an economic and political priority.

The two-day event themed ‘Financial Governance and Economic Growth’ which gathered about 100 participants today, was jointly organised by the Malaysian Economics Association (MEA) and Universiti Malaya’s Faculty of Economics and Administration.

MEA president Mohd Sheriff Mohd Kassim said financial governance is about how decisions are made,and should therefore be strengthened.

“Any efforts to improve the checks and balances in making decisions, that is how to crack the problem.

“I’m glad it was highlighted by the BNM deputy governor in his keynote address,” he said on the sidelines of the convention.

- Bernama



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