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.

ADVERTISEMENT

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.

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.

RELATED STORIES:

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

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.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: banking sector, Malaysia, U.S.
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

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



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.