Prime Minister Najib Razak made the announcement in a statement today.

Muhammad will succeed Zeti Akhtar Aziz, who’s retiring at the end of this month. He has been appointed for a five-year term.

Muhammad has been the deputy governor since 2010, and holds a Master’s degree from Harvard University.

He joined Bank Negara in 1984 and has served in the sections dealing with bank regulations and supervision, strategic planning, payment systems, insurance as well as financial markets.

Najib said he hoped that Bank Negara will, under Muhammad’s stewardship, continue to contribute to the government and help the administration boost the country’s economy, as well as administer monetary policies.

“On behalf of the Malaysian Government, I would like to thank Tan Sri Dr Zeti Akhtar Aziz for all her contributions during her stint as the seventh Bank Negara Governor,” added Najib.