The country’s national economic association has expressed the need for an autonomous and independent Bank Negara.
The Malaysian Economic Association (MEA) in a statement today expressed its concern over how questions had been raised, as of late, about the independence of the central bank and its governor.
“We would like to strongly advise that actions and words of this nature should stop, as they are likely to create the impression that Bank Negara is in danger of losing its powers or that its governor will no longer be independent, unlike all the other central bank governors in the world.
“Should such an impression persist, and gain traction, it will lead to an erosion of confidence among investors and the international community, with negative consequences on the integrity of our banking and financial system, leading to serious implications for the economy."
The association added that central bank autonomy did not mean that Bank Negara operated in isolation of the government and society.
“Its governor, whether here or elsewhere, knows that while the law is clear on its independence, the central banks' role in conducting monetary policy and enforcing its regulatory functions must be coordinated closely with the government.
“No central bank governor will be doing his duty if he does not raise the red flag early so as to prevent undesirable economic crises from happening," said the association.
Urging all quarters to learn from the financial crises of other countries, MEA said it was therefore important to understand how important it was for the country’s public institutions, including Bank Negara, to be “fully empowered in the administration of law and order in the country”.
“Malaysia must adhere to the highest standards of governance that is so important in creating trust and confidence in our system of administration.
Vital role
“This is the principle of separation of powers that is the foundation of working democracies."
Meanwhile, pointing out how Bank Negara had worked closely with other central agencies in the government, MEA believes it has used its independence and expert knowledge of the financial system for the national good.
“Therefore, Malaysians must continue to respect its vital role in the economy, which it can only perform if its independence and autonomy are preserved.
“This statement of the MEA is in line with a recent statement by the prime minister (Najib Abdul Razak) that the government will maintain the independence of the central bank and the policy not to peg the ringgit."
The central bank is currently embroiled in a spat with the Attorney-General's Chambers after the latter revealed that it decided not to prosecute 1MDB based on Bank Negara’s investigation into the company under Part 1(4)(b) of the Fifth Schedule of the Exchange Control Act 1953 (ECA).
An NGO last week lodged a police report against Bank Negara governor Zeti Akhtar Aziz for allegedly "undermining" attorney-general Mohamed Apandi Ali in revoking the three permissions granted to 1MDB. -Mkini
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"It is common knowledge nowadays that ALL the central banks in the world (including Bank Negara Malaysia) is owned by the Rothschilds under the umbrella of the Bank for International Settlements (BIS).
It is therefore only apt to mention this ‘institution‘ first when discussing about any central bank of any given country as it is….absolutely relevant.
The Bank for International Settlements, otherwise known as the BIS, should more aptly be named the Bank for International division and domination.
It’s clearly an institution with global reach, whose hidden covert purpose is to impose the financial globalist’s agenda on all sovereign nation states.
The luminous photo below is of their luxurious Headquarters. – (DeathFlation | ZeroHedge)...
Central Banking as the Problem, Not the Solution
Unfortunately, as long as there are central banks, we will be the victims of the monetary central planners who have the monopoly power to control the amount of money and credit in the economy; manipulate interest rates by expanding or contracting bank reserves used for lending purposes; threaten the rollercoaster of business cycle booms and busts; and undermine the soundness of the monetary system through debasement of the currency and price inflation." – Epic Times
https://peoplestrustmalaysia.wordpress.com/2013/09/25/bank-negara-malaysia-central-bank-of-malaysia-who-owns-it/
Wang dan Bank Sentral - https://www.youtube.com/watch?v=Gh6v4GLgZwk
You be the judge.