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Bank Negara Assures Malaysia’s Banks On Solid Footing, No Direct Exposure To Failed US Banks

Malaysia’s banks have no direct exposure to the recent failed US banks and have very limited indirect exposure, central bank Bank Negara Malaysia (BNM) reportedly said.

In an email reply to financial media outlet Bloomberg News, BNM said the Malaysian banking system is still well capitalised.

BNM also pointed out that all licensed banks in Malaysia must comply with “stringent capital and liquidity rules on an ongoing basis” to ensure they are able to withstand “severe macro-economic and financial shocks”, Bloomberg News said.

This was followed by the New York-based Signature Bank’s collapse last Sunday (March 12).

US regulators have since taken over those two failed banks and are reportedly seeking to sell them to banks in the private sector.

After Credit Suisse’s share prices fell on Wednesday, its largest shareholder Saudi National Bank said it would not invest more money into the bank, which prompted Suisse’s US-listed shares to fall to a record low and resulted in panic in the stock markets.

But Credit Suisse today said it plans to borrow up to 50 billion Swiss francs (RM243 billion) from the Swiss National Bank, while the Swiss National Bank and Swiss regulator Finma has assured that Credit Suisse has sufficient capital and liquidity levels.

Yesterday, Deputy Finance Minister Steven Sim also told the Dewan Rakyat that Malaysia’s banks have very limited exposure to the banking crisis in the US and that the local banking system remains resilient. – MALAY MAIL ONLINE

BacalahMalaysia Team

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