: Selling overseas investment assets by the Employees Provident Fund and reducing domestic investments is a more suitable method to accommodate rising withdrawals by contributors.
Ahmed Razman was commenting on the statement by UMNO Youth chief Datuk Asyraf Wajdi Dusuki who said the EPF does not have to sell its financial assets and instead the government can direct Bank Negara Malaysia to buy EPF assets. “Although in general it does not impact the EPF and the people, it will burden the central bank and strays from the objectives of BNM,” he told Bernama. “This seems to be a misunderstanding on the part of Asyraf.
“These measures by BNM will expand the money supply in the market. Therefore the proposal by Asyraf for BNM to take over EPF assets will result in the same thing, that is the central bank will have to print more money,” he pointed out. The finance minister warned on Monday that EPF might have to sell more of its investment assets overseas if the government were to allow contributors another round of withdrawals from the retirement fund. Tengku Zafrul said that if the government again allowed another one-off withdrawal of RM10,000, the 6.3 million contributors eligible for this might take out an estimated RM63 billion.
Source: News Formal (newsformal.com)
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