Malaysia names economic committee to help it cope with market turmoil

[KUALA LUMPUR] Malaysia will establish a special economic team to ensure continued growth, Prime Minister Najib Razak said on Wednesday, in a bid to boost confidence in the ringgit and the country's stocks.

The Special Economic Committee comprises nine individuals including CIMB Chairman Nazir Razak; Azman Mokhtar, the managing director of sovereign fund Khazanah Nasional; Maybank CEO Farid Alias; and Andrew Sheng, previously at the Hong Kong Monetary Authority and Malaysia's central bank.

Mr Najib said the committee will "formulate strategies to maintain economic growth through domestic and foreign investment".

It will report to the prime minister once a week and will function in the short-term until the global economy stablises, he said.

REUTERS