BNM highlighted six key policy priorities for reforms, namely, digitalisation; fiscal resilience; climate resilient economy; growth potential; future-ready workforce; and social protection.
Governor Tan Sri Nor Shamsiah Mohd Yunus said that reform initiatives will alleviate cost of living concerns, build a buffer against future shocks, and support the country’s transition to a high-income nation.
“Key strategies include to further improve investment targeting and promotion of key strategic sectors, develop dynamic and agile incentive packages, and strengthen environmental, social and governance practices,” she said. “Greater focus should be geared towards enhancing the three pillars, namely, social safety nets, social insurance, and active labour market policies.
She also noted that savings realised from subsidy rationalisation should be channeled towards deserving and vulnerable Malaysians. As for digital insurers and takaful operators , Nor Shamsiah pointed out that up to five licenses may be offered once the Dito policy document is issued later this year. “On the cross-border front, I should share that our bilateral QR payment linkage with Singapore will go live on March 31.
“It is also worth noting that the impact of the recent United States and Swiss banking sector stress on our banks has been minimal. She added that the central bank has tested the resilience of Malaysian banks and insurance companies through Bank Negara’s annual stress test exercise.
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