Malaysia says its banks have limited exposure to Silicon Valley Bank crisis | Inquirer Business

Malaysia says its banks have limited exposure to Silicon Valley Bank crisis

/ 04:26 PM March 15, 2023

KUALA LUMPUR  – Malaysia’s government on Wednesday said the country’s banks have limited exposure to Silicon Valley Bank that collapsed last week in the United States, triggering fear of contagion.

“Based on an assessment by authorities in Malaysia, the exposure of local banks to this crisis in the United States is minimal and limited,” Deputy Finance Minister Steven Sim said in parliament.

Malaysia’s banking system remains resilient and continues to carry out its role effectively, Sim said in response to a lawmaker’s question about any local impact from the crisis.

Article continues after this advertisement

Regular stress tests are carried out within the banking system to ensure Malaysia is prepared to withstand any market pressure, Sim said.

FEATURED STORIES

Silicon Valley Bank collapsed on Friday in the biggest U.S. bank failure since the 2008 financial crisis.

Markets and financial authorities worldwide are on edge, with U.S. deposit holders seeking the safety of larger banks amid growing worries about the health of smaller institutions and the prospect of more failures in the sector.

Article continues after this advertisement

RELATED STORIES:

Article continues after this advertisement

Asian shares gain as fears about rapid Fed hikes, bank crisis fade

Article continues after this advertisement

PH banks marked safe from Silicon Valley Bank crisis

Thai Finance Minister says no impact on Thailand so far from US banking woes

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: banking sector, Malaysia, U.S.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.