Malaysia names new central bank governor

June 22, 2018 - 4:58 am

KUALA LUMPUR, Malaysia (AP) — Malaysia has named Nor Shamsiah Mohamad Yunus, an experienced former central bank official, as the new central bank governor.

Finance Minister Lim Guan Eng said Friday that the king has consented to Nor Shamsiah's appointment to head Bank Negara Malaysia from July 1 for a five-year term.

She succeeds Muhammad Ibrahim, who resigned two weeks ago after the central bank came under scrutiny over a 2 billion ringgit ($500 million) land purchase from the government. Proceeds were used to pay debts of the 1MDB state investment fund, which is under investigation for possible graft and money-laundering.

Muhammad was the latest senior official to resign amid a corruption probe of the government of former premier Najib Razak, whose long-ruling coalition suffered a shocking defeat in May 9 elections.

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