Anwar Ibrahim as finance minister who did not "have a finance-related degree or certificate" brought Malaysia to a financial abyss, demands that daughter Nurul Izzah be granted the same privilege

 by Ganesh Sahathevan 

        Finance Minister (and PM) Anwar Ibrahim must now explain why Bank Negara reserves fell RM 2 Billion or 2% in just a fortnight twice under his            watch as FM , in October 1995 and February 1996 -Anwar refused to do so in 1996

Defending the appointment of his daughter Nurul Izzah as  the country's Economics and Financial Adviser , Prime Minister and Finance Minister Anwar Ibrahim has said:

“Even I don’t have a finance-related degree or certificate, but I was the finance minister for eight years (in the 1990s)” 

As this writer noted in 1998:

As finance minister, Anwar was responsible for financing Malaysia's foreign reserves almost entirely out of statutory deposits -- placed at no interest by financial institutions -- at the Central Bank.

Anwar was also responsible for Malaysia's dependence on short-term foreign investment to finance the country's perennial current account deficit. This was a policy particularly evident in 1996 when, in order to shore up the country's reserves, interest rates were raised to attract funds into the country.

(Anwar's calculated dismissal.(Anwar Ibrahim, Malaysia) From: Business Asia  |  Date: 12/14/1998  |  Author: Sahathevan, Ganesh)

The Asian Currency Crisis followed in 1997, and Malaysia had to impose currency controls.The so-called reserves were simply insufficient to deal with the exodus of foreign exchange. The country has not actually recovered from that debacle.

Now it seems, finding himself again Finance Minister and Prime Minister as well, Anwar demands that his daughter be granted the same privilege to do as he did for eight years (in the 1990s)”.

TO BE READ WITH 

Sunday, January 29, 2023

Malaysia's PM Anwar Ibrahim appoints daughter to highly influential role of Adviser, Economics and Finance

 by Ganesh Sahathevan

Sunday Star 29.1.2023

Nurul Izzah Anwar has told Malaysia's The Star that her father, Malaysia's Prime Minister  Anwar Ibrahim has appointer he to the highly influential role of Adviser, Economics and Finance. Nuurl's revelation to Wong Chun Wai appears to be the first public announcement of the appointment.

The position of  Economics and Finance Adviser is highly influential for the holder of the office can sway the award of government contracts and concessions. 

In her new position Nurul is likely to  also have control over Petronas' cashlows. 

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