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Malaysian central bank governor resigns

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Malaysian central bank governor resigns

Malaysian Prime Minister Mahathir Mohamad said June 6 that central bank Governor Muhammad bin Ibrahim has submitted his resignation but naming a successor will require approval from the country's monarch, Reuters reported.

"We have not decided on his successor because we need to have the approval of the Agong before we can announce," Mahathir said at a news conference, referring to King Muhammad V.

The confirmation came a day after Ibrahim reportedly offered to step down amid a land sale controversy involving the previous government. While no replacement has been announced, Nor Shamsiah Mohd Yunus and Sukhdev Singh, two former Bank Negara Malaysia deputy governors, are among the candidates being considered, Reuters reported separately June 5.

As of June 5, US$1 was equivalent to 3.99 Malaysian ringgit.