Assignment Task
Assessment 1: Critical Article Analysis (Pair Work)
Instructions: Please read this article carefully. Write a critical analysis of the article approximately 600 – 800 words. You are to identify the issues and the writer’s argument and discuss the tone, the purpose, the intended audience, assumptions, inferences, and conclusions involved in the reasoning as well as validity, credibility, and quality of the support.
BNM: Malaysia’s Financial System to Remain Resilient Against Economic, Financial Shocks by Tan Siew Mung
Bank Negara Malaysia (BNM) said that while recovery prospects for the Malaysian economy remain subjected to some degree of Covid-19 pandemic-driven uncertainty, the domestic financial system is expected to remain resilient against potential economic and financial shocks as banks and insurers continue to have sufficient financial buffers to absorb potential losses under severe macroeconomic and financial conditions while sustaining support for economic recovery.According to BNM’s Financial Stability Review report for the first half of 2021 (1H21) published on Wednesday, domestic financial stability continued to be firmly supported by a resilient financial sector. The ramp-up in provisions in 2020 has provided banks with some headroom this year to moderate the amount of additional provisions set aside for credit losses and support a recovery in profitability.”This enabled banks to further extend debt repayment assistance to households and businesses that were affected by the most recent movement restrictions while sustaining lending activities. Similarly, insurers and takaful operators generally remained profitable and well placed to assist individuals and businesses by providing flexibility for premium and contribution payments that would preserve their protection coverage.”In the domestic financial market, conditions have remained orderly. This is further supporting overall funding conditions for banks and corporates,” the central bank said.
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