We Need A Central Bank Governor Who Speaks For The People's Interests
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KUALA LUMPUR, Malaysia--Bank Negara Malaysia (BNM) governor Nor Shamsiah Mohd Yunus claimed that approving interest free loan moratoriums would be disastrous.
But it is the conduct of the banks and their regulator which has proven to be shameless and disastrous especially at a time the Rakyat and SMEs are struggling to make ends meet.
Not a single bank in Malaysia has posted a loss despite the raging COVID-19 pandemic. In fact most posted even bigger profits in 2020 and are likely set to earn as much if not more in 2021.
The Rakyat and small businesses need help now, immediately, not tomorrow and certainly not months from now when a great number more SMEs are likely to close due to being unable to operate during the various lockdowns, not to mention the common man.
We have to ask why it is that when banks are in trouble, we bail them out but when we are in trouble, they will tell us all sorts of things but still refuse to help. The common people will always be at the receiving end. We just cannot count on anyone to help us out. We always seem to be on our own.
Not once or twice but it has become almost a norm that these BNM governors are given cushy positions in various banks and other financial businesses after they retire. we have to ask with such an arrangement do any of them have the Rakyat's interest in mind?
Simply put the role of a central bank is to:
"A central bank is an independent national authority that conducts monetary policy, regulates banks, and provides financial services including economic research. Its goals are to stabilize the nation's currency, keep unemployment low, and prevent inflation."
With that in mind, judge for yourself if the central is doing the job it is supposed to do or propping up its friend at the Association of Banks in Malaysia and other corporate friends. Instead of using the current situation to be seen to be doing good for the Rakyat, they are being lectured on why this cannot be done.
We should all take note and remember these times. Help denied when it was needed the most. When the next financial crisis rolls around, let us then deny the banks the help they would be demanding for. let market forces decide what is a good bank, who should stay and who should go and let their heads roll for poor financial management.
The least we can do for them is to return the favor.
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