Kuala lumpur: Bank Negara Malaysia's annual Sasana Symposium took on a refreshingly different tone this year, with Governor Datuk Seri Abdul Rasheed Ghaffour departing from convention in his central bank address. Rather than opening with economic jargon, charts, and statistics-staples of policymaking speeches that do not always resonate beyond financial circles-he began with an unlikely protagonist: the humble Gelam tree (Melaleuca Cajuputi) that grows along Malaysia's east coast.

According to BERNAMA News Agency, the Gelam tree emerged as the unlikely hero at the symposium, serving as a focal point of reference in almost all the sessions. The tree was not only a metaphor but a challenge to how policies and reforms should be made-challenged, fine-tuned, and agreed upon in a manner that fits the country. Governor Abdul Rasheed highlighted the tree's remarkable ability to thrive in harsh conditions-acidic peat, stagnant water, and even wildfires-not by resisting its environment but by adapting to it through continual renewal.

The symposium discussions emphasized that structural reforms play a similar role to the Gelam tree, enabling renewal by peeling away outdated practices and inefficiencies so that the economy remains resilient in a changing world. Former Deputy Governor of Bank Negara Malaysia and former chairman of OCBC Bank Singapore, Datuk Ooi Sang Kuang, underscored the importance of monetary and financial stability. He noted that the stability seen today was built over a prolonged period, with the financial sector being crucial for resilience, especially post-Asian Financial Crisis.

Ooi elaborated on the continuous efforts of stress testing and identifying risks to ensure the financial system's strength. These efforts proved their worth during subsequent crises, from the global financial crisis to the pandemic, by helping the economy absorb shocks and recover more quickly. Khazanah Research Institute chairman Dr. Nungsari Ahmad Radhi added that reforms require strong political will and trade-offs, as they are executed in the political market, separate from the capital and financial market.

Governor Abdul Rasheed recalled measures such as targeted diesel subsidies, broader subsidy reforms, and selected tax adjustments that were phased in over the years, giving households and businesses time to adapt. He emphasized the importance of maintaining a stable macroeconomic environment and a resilient financial system, necessary precursors for reforms to progress.

Reverting to the Gelam tree analogy, Abdul Rasheed noted that for generations Malay shipbuilders used the bark to navigate uncertain seas. Just as the bark allowed ships to flex with the waves rather than break against them, Malaysia's development story has been built on adapting to change without losing its bearings. The reforms of recent years are part of Malaysia's ongoing story, and all stakeholders must partake in crafting and adapting policies to support the economy and build greater resilience.