ANNUAL REPORT 2025
Resilience Amid Headwinds
Governor's Foreword
The year 2025 reminded us that the world can change quickly and not always in ways that we expect. Globally, geopolitical tensions intensified and growing geoeconomic fragmentation reshaped trade relationships and unsettled financial markets. With supply chains tested and businesses lacking clarity, investment decisions were put on hold. This uncertainty made the economy harder to read, as evidenced by repeated revisions to global growth forecasts. Yet, uncertainties and volatilities are not foreign to central banks. In fact, history reminds us that this is not an exception but a permanent feature of the economy. What matters is how we respond to it – with vigilance, pragmatism, and the ability to adapt – without losing sight of purpose.
Highlights
Bridging the Gap: The Path to Affordable and Accessible Basic Banking Services
The Rise of Islamic Finance in ASEAN: Unlocking its Growth Potential
Fraud Resolution: Building Trust through Shared Accountability
Malaysia’s 2025 ASEAN/ASEAN+3 Chairmanship: Advancing Inclusive and Sustainable Economic Growth for ASEAN and Malaysia
Disentangling Malaysia Value Chains in The Age of Trade Turbulence
Sustaining the Engine: The Evolving Drivers behind Malaysia’s Private Consumption Growth
Summary of the Economic & Monetary Review 2025
Overview of the Financial Stability Review 2H 2025
Annual Report 2025
| The complete book | |
| Foreword | Web | PDF |
| Our Roles | |
| Promoting Monetary Stability | Web | PDF |
| Promoting Financial Stability | Web | PDF |
| Promoting a Progressive & Inclusive Financial System | Web | PDF |
| Promoting a Progressive & Inclusive Islamic Financial System | Web | PDF |
| Promoting Safe & Efficient Payment & Remittance Services | Web | PDF |
| Issuing Currency | Web | PDF |
| Maintaining Financial Integrity | Web | PDF |
| Managing Bank Negara Malaysia | |
| People | Web | PDF |
| Towards a Greener Financial System | Web | PDF |
| Risk Management & Internal Controls | Web | PDF |
| Engaging Malaysians | Web | PDF |
| International Engagements | Web | PDF |
| Feature Articles | |
| Beyond the Headline: Inflation Through the Eyes of Households | Web | PDF |
| Bridging the Gap: The Path to Affordable and Accessible Basic Banking Services | Web | PDF |
| The Rise of Islamic Finance in ASEAN: Unlocking its Growth Potential | Web | PDF |
| Fraud Resolution: Building Trust through Shared Accountability | Web | PDF |
| Malaysia’s 2025 ASEAN/ASEAN+3 Chairmanship: Advancing Inclusive and Sustainable Economic Growth for ASEAN and Malaysia | Web | PDF |
| Governance | |
| Our Finance |
See also: Previous BNM Annual Reports
Economic and Monetary Review 2025
| The complete book | |
| Key Highlights | |
| Executive Summary | Web | PDF |
| Economic, Monetary, & Financial Developments in 2025 | Web | PDF |
| Outlook & Policy in 2026 | Web | PDF |
| Feature Articles | |
| Disentangling Malaysia Value Chains in The Age of Trade Turbulence | Web | PDF |
| Sustaining the Engine: The Evolving Drivers behind Malaysia’s Private Consumption Growth | Web | PDF |
| Annex | |
| Charts datapack | XLSX |
| Glossary, Acronyms, & Abbreviations |
See also: Previous Economic and Monetary Reviews
Financial Stability Review Second Half 2025
| The complete book | |
| Key Highlights | |
| Overview | Web | PDF |
| Key Developments in the Second Half 2025 | |
| Market Risk | Web | PDF |
| Credit Risk | Web | PDF |
| Operational Risk | Web | PDF |
| Financial Institution Soundness & Resilience | |
| The Banking Sector | Web | PDF |
| The Insurance & Takaful Sector | Web | PDF |
| Assessing the Resilience of Financial Institutions | Web | PDF |
| Annex | |
| Charts datapack | XLSX |
| Glossary, Acronyms, & Abbreviations |
See also: Previous Financial Stability Reviews
Note: Going forward, BNM will publish an annual Financial Stability Review, complemented by more frequent and targeted communications, including quarterly data packs, focused analyses of key financial stability issues and continued engagements with analysts and stakeholders throughout the year. This enhanced approach reflects BNM's commitment to providing clearer, deeper and more timely insights on developments affecting the financial system, while fostering greater understanding of financial stability risks and resilience.
To this end, Tables 7 and 8 of the Quarterly Bulletin Annex have been expanded to include a wider range of key financial soundness indicators and BNM will be publishing a feature article in September 2026, followed by an engagement session with analysts in October 2026.
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