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Friday, June 8, 2007

bank negara


Bank Negara Malaysia

Bank Negara Malaysia (Central Bank of Malaysia) was established in January 1959, in line with the Banking Ordinance 1958 (revised to the Central Bank of Malaysia Act in 1994). Its main function is to supervise and regulate banking and related activities in Malaysia. Bank Negara Malaysia also helps to develop the institutions and infrastructure that are the foundations of a modern and solid financial system.



Objectives of Bank Negara Malaysia


  • To ensure monetary stability and a stable financial structureBank Negara Malaysia holds the responsibility of ensuring monetary stability and promoting a durable financial structure in the country. Price stability is an important factor in ensuring monetary stability in any country, and towards this end, the inflation rate must be kept in check and the ringgit's purchasing power kept at a steady level. Bank Negara Malaysia employs a variety of tools to manage monetary stability, including open market operations, direct intervention and usage of the statutory reserve requirement (SRR).
  • To function as the Government's banker and financial adviserOne of the most important functions of Bank Negara Malaysia is advising the Government on finance-related matters. It dispenses policy advice to the Government on the state of its loan programmes, particularly the terms and conditions of specific loan agreements. Bank Negara Malaysia also delivers a twice-yearly report to the Finance Minister detailing the state of the economy, and requisite recommendations on how best to meet future developments. The management of government securities is also handled by Bank Negara Malaysia through its trading and settlement system.
  • To be the sole authority issuing currency in the country and to maintain appropriate currency reservesA specific chapter of the Banking Ordinance 1958 allows for Bank Negara Malaysia to be the sole issuer of currency in the country. Bank Negara Malaysia is authorised to issue all legal tender currency for use in the country. It also plays an important role in maintaining the proper amount of currency reserves for the country, kept in the form of gold and foreign currency assets. It ensures that the Malaysian ringgit has the necessary gold and foreign exchange backing.
  • To affect the general credit situation so as to benefit the country's economyBank Negara Malaysia must ensure that the general money supply and credit volume have the appropriate "elasticity" to meet the demands of the domestic economy, while not making unjustified demands on the country's resources at the same time. To this end, essential financial resources and apparatuses must be wisely managed so as to maximise benefits to the country's banking system. Bank Negara Malaysia also makes certain that local financial institutions adopt applicable policies and practices that make them more sustainable in the face of international competition.


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