Bank Negara Malaysia's vigilance and rigorous supervisory measures plus tough measures instituted after the 1997/98 Asian financial crisis had saved the country's economy from numerous economic and financial crises and descent into chaos.
"We (have to) prepare ourselves for the next crisis," Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said at the first Leadership Energy Summit Asia 2013 organised by the International Centre for Leadership in Finance (ICLIF) here, Tuesday.
"The transformation of our financial system and the rebalancing of our economy to have a strong domestic economy have helped us to survive this global financial crisis.
"If we had not done this after the Asian financial crisis, we would not have been able to survive the crisis," she said.
Zeti, who was recently accorded 'Grade A' among the heads of central banks for the 10th time by the Global Finance magazine, has been Governor since 2000.
"I knew at that time, if we were going to be an effective central bank for the future, if we were going to be able to deliver results in the future, we needed to be dramatically transformed.
"Without this transformation we would not be able to deliver," she said in front of 500 delegates.
On her vision of building a Central Bank for the future, Zeti said it was important "to have a sense of purpose of what one wants to achieve and having the most compelling purpose is key."
To achieve the purpose, one needs to have, among others, powerful energy, unwavering determination, clarity in vision and conviction for the future, she said.
Even though Zeti successfully led the country through two financial crises, she said, "You can never sit back, pat yourself on the back, and say you have done a great job as the environment can change dramatically."
In the lifetime career of a central banker, she added that they will be confronted, at least once, if not, twice, with a financial crisis.
Bernama
Tue Dec 03 2013
Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz
'No one will win a trade war,' China says after Trump tariff threat
Donald Trump says he would impose the tariffs until China stops the flow of illegal drugs, particularly fentanyl, into the United States.
What has caused Pakistan's deadly clashes between police and supporters of Imran Khan?
Topping the demands of Khan's Pakistan Tehreek-e-Insaf (PTI) party is the release of all its leaders, including Khan, who has been jailed on a series of corruption charges since August 2023.
One woman or girl killed every 10 minutes by intimate partner or family member - UN
The report highlights that "60 per cent of all female homicides" are committed by "people closely related to them".
Sweden urges Chinese ship to return for undersea cable investigation
Two subsea cables, one linking Finland and Germany and the other connecting Sweden to Lithuania, were damaged in less than 24 hours.
[COLUMNIST] Building more highways won’t solve traffic congestion - reducing demand will
It is clear that adding more lanes and highways doesn't work, because we are still attempting the same approach to solve the issue.
Hyundai to invest RM2.16 bil in Malaysia through strategic partnership with INOKOM
This investment includes efforts to upgrade INOKOM's existing assembly capacity to meet Hyundai's automotive needs.
‘C4Cinta’ sets record as highest-grossing Malaysian Tamil film
'C4Cinta', directed by young filmmaker Karthik Shamalan, has set a new benchmark in Malaysian Tamil cinema.
Man charged with mother's murder, storing body in freezer
The court denied bail and scheduled case mention on Feb 7 for the submission of forensic, autopsy, and chemist reports.
Abolition of examination in schools to reduce pressure on pupils - Fadhlina
The classroom assessment approach offers a much more interesting learning ecosystem, says Fadhlina Sidek.
Google, Meta urge Australia to delay bill on social media ban for children
Google and Meta says the government should wait for the results of an age-verification trial before going ahead.
Judge tosses Trump 2020 election case after prosecutors' request
It represents a big legal victory for Donald Trump, who won the Nov. 5 US election and is set to return to office on Jan. 20.
DHL plane crash in Lithuania leaves authorities searching for answers
Rescue services said the plane hit the ground, split into pieces and slid over 100 metres (110 yards).
National squad to hold friendly matches for 2025 Indoor Hockey World Cup
The warm-up matches will involve matches against better ranked teams in the world, namely Austria (first) and Belgium (third).
G7 seeks unity on ICC arrest warrant for Netanyahu
The United States, part of the G7, has rejected the ICC decision, with President Joe Biden describing it as outrageous.
Francissca Peter remembers Tan Sri Ahmad Nawab: A tribute to a musical legend
A legend who has influenced our music for decades, was one of the highlights of my career, says Francissca Peter.
TikTok decision coming soon as Jan. 19 divestment deadline looms
Judges are reviewing TikTok's challenge to a law requiring ByteDance to sell its US assets by Jan. 19 or face a ban.
Lebanese sources: Biden, Macron set to announce Israel-Hezbollah truce
In Washington, White House national security spokesperson John Kirby said, "We're close" but "nothing is done until everything is done".
PM meets chaebol tycoon to attract more FDI to Malaysia
Chaebols are prominent figures from South Korea's family-owned conglomerates.
Govt won't allow non-citizen vehicles to enjoy RON95 subsidy - Economy Ministry
The implementation of the RON95 subsidy in 2025 is expected to provide savings of RM3.6 billion to government expenditure.
Ringgit opens lower as greenback gains ground
Dr Mohd Afzanizam says the market responded positively to news of hedge fund manager Scott Bessent heading the US Treasury Department.