(Adds minister comments, context)
KUALA LUMPUR, March 15 (Reuters) - Malaysia's government
on Wednesday said the country's banks have limited exposure to
Silicon Valley Bank that collapsed last week in the United
States, triggering fear of contagion.
"Based on an assessment by authorities in Malaysia, the
exposure of local banks to this crisis in the United States is
minimal and limited," Deputy Finance Minister Steven Sim said in
parliament.
Malaysia's banking system remains resilient and continues to
carry out its role effectively, Sim said in response to a
lawmaker's question about any local impact from the crisis.
Regular stress tests are carried out within the banking
system to ensure Malaysia is prepared to withstand any market
pressure, Sim said.
Silicon Valley Bank collapsed on Friday in the biggest U.S.
bank failure since the 2008 financial crisis.
Markets and financial authorities worldwide are on edge,
with U.S. deposit holders seeking the safety of larger banks
amid growing worries about the health of smaller institutions
and the prospect of more failures in the sector.
(Reporting by Rozanna Latiff; Writing by A. Ananthalakshmi;
Editing by Ed Davies and Christopher Cushing)
@AnanthalakshmiA;))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.