KUALA LUMPUR, Feb 9 (Bernama) -- Policymakers need to remain agile in their approach to policies and not be too rigid in their own ways in neglecting changes in the environment, said Bank Negara Malaysia (BNM).
Governor Tan Sri Muhammad Ibrahim said the world will be transformed with rapid advancements, namely in technology and communication and big data.
"The willingness to renew and redirect policy is critical to successful policymaking. From the outside looking in, the redirection of policy is often perceived to be regressive.
"In reality they reflect policies that aim to be more, rather than less, responsive to changing conditions," he said in his remarks titled, 'Public Policy Perspective-Some Thoughts and Contemplations from a Central Banker', at the 40th Anniversary Dinner of Harvard Business School Alumni Club of Malaysia here today.
Muhammad said that in the same way that businesses expect governments to relax and adapt policy to capture new opportunities, authorities have a professional duty to redirect policy, however unpopular, to maintain stability and harness collective growth potential when risks or unintended outcomes become apparent.....