The evolution of central banks
Bank Negara Malaysia governor Abdul Rasheed Ghaffour writes that the roles and responsibilities of central banks are evolving in a changing landscape
This article is a lightly edited version of a keynote speech governor Abdul Rasheed Ghaffour author gave at the Central Banking Meetings Kuala Lumpur 2026, on March 31
Malaysia has grown and adapted through cycles of reinvention and emerged stronger each time. In many ways, that journey mirrors the institutions we serve. Central banks are not fixed monuments. We are living institutions, shaped by experience, refined by discipline and renewed by purpose.
Let me begin not with an answer, but with a
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