UBS: Kelvin Tay's appraisal of M'sia has errors
- 5 years ago
Swiss banking giant UBS has conceded that the widely reported gloomy assessment on Malaysia's economy by its officer Kelvin Tay contained errors.
In a statement today, the bank's Singaporean branch said Tay had wrongly claimed that Malaysia had a current account deficit.
Malaysia has a current account surplus (value of total exports exceeding imports) for over 20 years.
The bank also clarified that Tay had erroneously stated that Putrajaya's abolition of GST would result in a higher dependence on oil revenue.
UBS Singapore's corporate communications head Adeline Lee explained that Tay, the bank's regional chief investment officer, had made mistakes due to the confines of the short "live" interview with Bloomberg.
In a statement today, the bank's Singaporean branch said Tay had wrongly claimed that Malaysia had a current account deficit.
Malaysia has a current account surplus (value of total exports exceeding imports) for over 20 years.
The bank also clarified that Tay had erroneously stated that Putrajaya's abolition of GST would result in a higher dependence on oil revenue.
UBS Singapore's corporate communications head Adeline Lee explained that Tay, the bank's regional chief investment officer, had made mistakes due to the confines of the short "live" interview with Bloomberg.