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War, oil shocks and trade restrictions - geoeconomics and implications for Asia

· Abdul Rasheed Ghaffour, Governor of the Bank Negara Malaysia (Malaysia)

Summary written by Dark Majestic in its own words · topics: financial stability, climate, energy and nature, public finances and debt, trade, fragmentation and geopolitics

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· Abdul Rasheed Ghaffour · Bank Negara Malaysia WikiWar, oil shocks and trade restrictions - geoeconomics and implications for Asia

ContextSpecial remarks by Abdul Rasheed Ghaffour, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the ASB (Asia School of Business)-SEACEN (South East Asian Central Banks) Policy Roundtable, Asia School of Business, Kuala Lumpur, 15 May 2026.

Why it mattersMalaysia's Governor gives an Asian view of war, oil and tariffs, and of how to support households without wrecking public finances.

Problems raised
  1. A chain of shocks, from COVID to war and tariffs, keeps hitting economies.
  2. The Middle East conflict drives an oil shock.
  3. Energy subsidies can strain public finances.
Solutions proposed
  1. Build policy frameworks that resist repeated stress.
  2. Target support to the vulnerable while keeping energy-saving incentives.
  3. Rebuild buffers, speed up reforms and deepen regional cooperation.
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