Let Bank Negara handle the banks
GENERALLY, Finance Ministers are meticulous in their messaging. This is because what they say – even in passing – is taken seriously. It has been proven time and again – both locally and overseas.
On this score, the capital markets were rattled by the use of words such as “windfall tax” by Finance Minister Lim Guan Eng. Even though he clarified later that his statement was taken out of context and that the government would not impose a windfall tax on banks, it nevertheless was the topic of discussion even in analyst research reports.
The “windfall tax” remarks overshadowed the subject matter on why Lim had said what he had said in the first place during the Invest Malaysia 2019 conference.
Lim urged banks to be more flexible in their lending since they are already making a lot of money, mentioning a “windfall tax” in passing.
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