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KUALA LUMPUR : Bank Negara Malaysia (BNM) was among the first central banks to diversify its foreign reserves into instruments from within the Asean region, Governor Tan Sri Dr Zeti Akhtar Aziz said on Friday.

It was a key effort the rating agencies failed to recognise, she said.

"Bank Negara was one of the first central banks to diversify its reserves into instruments from this region because we felt we knew this region although rating agencies didn't give us the ratings we felt we deserved," she said at the Wharton Global Forum 2016.

She said BNM, through its own monitoring and surveillance, felt that ASEAN is also where it should diversify reserves into.

"And this not only reduces our vulnerability to external developments but it will contribute towards achieving more stable conditions in the regional financial markets," she said. 

The future of ASEAN needs to be built on collective actions that are for the advancements of the region, whereas regional cooperation in the areas of surveillance, financial safety nets and crisis management is crucial, she noted.

"We don't want to wait for another crisis which we all experienced in 1997/98 where we managed it individually

KUALA LUMPUR : Foreign funds continued their buying on Bursa  Malaysia for the second day on Thursday with net buying rising to RM391.6mil.

According to BIMB Equities Research data, this saw the net buying rising to RM741.6mil over the past two days. They were net buyers at RM350mil on Wednesday.

However, local institutions and retail investors continued to take profit. Local institutions were net sellers at -RM341.9mil and retail -RM49.7mil.

BIMB Research said European bourses ended lower

JEDDAH : Datuk Seri Najib Razak said Malaysia is on the lookout for more business and investment opportunities in Saudi Arabia that could help spur the Southeast Asian country's economic growth.

The prime minister noted that Malaysia had developed its own strengths in fields such as airport management, healthcare, power production and public housing, among others, that could be of benefit to Saudi Arabia and other countries.

"We need to go out and explore new opportunities that could boost

PUTRAJAYA : The Urban Wellbeing, Housing and Local Government Ministry is to optimise the RM1.509-billion budget it has been allocated under the recaliberated 2016 budget to implement 245 projects.

Minister Datuk Abdul Rahman Dahlan said the allocation would be utilised for housing, landscaping and urban planning projects and major-impact programmes.

"We must plan and implement well in the interests of the people," he said at the presentation of excellent service awards to 224 staff of the

KUALA LUMPUR : The ringgit opened higher for the fourth consecutive day this week against the US dollar, spurred by persistent buying of the local unit, dealers said.

At 9.02 am, the local unit was quoted at 4.1380/1450 per US dollar versus 4.1600/1700 at 5pm on Wednesday.

The ringgit was traded mixed against other emerging currencies. 

It traded better against the Singapore dollar at 2.9625/9681 from 2.9647/9733 on Wednesday and rose against the euro to 4.4959/5048 from 4.5186/5311.


KUALA LUMPUR : BIMB Securities Research expects the local market to remain positive on Wednesday after the firmer overnight close on Wall Street.

The research house said it expects the FBM KLCI to hover around 1,670 to 1,680.

BIMB Research said Wall Street and Europe markets closed higher on Tuesday buoyed by a positive US’s economic report and a rebound in commodity prices. US’s February ISM manufacturing came in at 49.5, about one point above expectations and topping January's 48.2.


Our ringgit notes signature will soon be changed when Tan Sri Zeti confirmed that she will vacate her position until her contract expires in April 2016. Speculations among rumour mongers had it touted that she was under immense pressure to release her position much earlier when major national economic issues and in particular the Ringgit Malaysia hits to its lowest level since 1998.

Speculations may also go as wild as the shortcomings in her leadership to the government linked investment

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