Muhammad most senior deputy BNM governor

Bank Negara Malaysia deputy governor Datuk Muhammad Ibrahim : "We have now reached a critical juncture in our migration to e-payments.

KUALA LUMPUR: Datuk Muhammad Ibrahim has been appointed as the new governor of Bank Negara Malaysia (BNM), taking over Tan Sri Dr Zeti Akhtar Aziz, with effect from May 1.

Muhammad, who is the most senior deputy governor and the central bank’s second-in-command was said to be favoured by the markets and BNM itself.

A career central banker like Zeti, Muhammad rose through the ranks, gathering experience and expertise in various facets of the administration and running of Bank Negara.

Besides him, the other names that have been cited as possible successors are the Minister-in-charge of economic planning in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, Malaysian ambassador to the United States Datuk Awang Adek Hussin, and the secretary-general of the Treasury at the Finance Ministry Tan Sri Mohd Irwan Serigar Abdullah.

Muhammad joined the central bank in 1984 and has been deputy governor since June 2010. He oversees international reserve management, and money market and foreign-exchange operations. He has served in areas from banking supervision and regulation to insurance and offshore banking.

Muhammad was previously managing director at Danamodal Nasional Bhd, a bank recapitalisation agency created during the Asian financial crisis in the 1990s. He has a masters degree from Harvard University.

The appointment of Muhammad finally ends the months of waiting of the successor.