Penang reserves rise to RM616m, Chow Kon Yeow rejects deficit claims

Penang reserves rise to RM616m, Chow Kon Yeow rejects deficit claims



Penang Chief Minister Chow Kon Yeow said the state remains on a strong financial footing, with state reserves continuing to grow on the back of higher revenue collection. — Picture via Facebook/Chow Kon Yeow

Monday, 08 Jun 2026 2:38 PM MYT


GEORGE TOWN, June 8 — Penang Chief Minister Chow Kon Yeow today dismissed claims that the state’s reserves are depleting and that its finances are slipping into deficit.

He said the state’s consolidated revenue account had increased to RM616 million in the first five months of this year.

“I urge those making such claims to check the latest figures,” he told reporters this morning after a walkabout in the Air Putih state constituency.

He said the state government is monitoring the situation closely.

“There were projections that the reserves would decline to as low as RM50 million, but that did not happen,” he added.

Chow said the state recorded a surplus in 2025 and that, in the first five months of 2026, the consolidated account had continued to grow.

He attributed the increase to higher revenue collection.


He said the state government would continue exploring potential sources of revenue to ensure Penang’s financial position remains strong in the future.

“Currently, our financial situation remains positive and I will remain committed in bringing the state reserves back up to RM1 billion before the end of my term as chief minister,” he said.