Malaysia to permit more foreign bank ownerships

The country seeks to triple its financial sector by the end of this decade.

Bloomberg noted that Malaysia will allow foreign banks to own bigger stakes in local lenders, grant more licenses and loosen short-selling rules, seeking to triple its financial sector by the end of this decade.

According to the report, Malaysia will also let companies actively manage foreign currency fluctuations and allow non- residents to trade onshore interest-rate derivatives as it seeks to deepen its money market under a 10-year plan announced by Prime Minister Najib Razak in Kuala Lumpur.

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