Nanta speculates about Sarawak having its own currency

 

Alexander Nanta Linggi of the Sarawak ruling coalition said the state’s economy was in a better position than that of other states. (Bernama pic)

PETALING JAYA: A leader of Sarawak’s ruling coalition has speculated about the state introducing its own currency in light of the unpredictable economic conditions in Malaysia.

Alexander Nanta Linggi said the Sarawak currency move was something that could be considered if Malaysia’s less favourable economy persists.

“If Sarawak’s economy is good, while the national economy is not doing so well, perhaps Sarawak will have our own currency.

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“If Sarawak is better than others, why not? This is what I’m trying to emphasise,” Nanta said in a podcast to mark National Day and Malaysia Day, entitled “From Malaya to Malaysia: 60 Years” that was released today.

“I hope people are not calling me a traitor, but I’m talking seriously. If we are so good in developing our economy, (then) by calculation, our economy should be strong,” said Nanta, who is secretary-general of both Parti Pesaka Bumiputera Bersatu and state ruling coalition Gabungan Parti Sarawak.

Nanta is also the works minister in the federal Cabinet.

He did not state under which law Sarawak would derive power over currency. Under the Federal Constitution, only the federal government has powers over currency.

Bank Negara Malaysia is empowered by the Central Bank of Malaysia Act as the sole authority to issue currency in Malaysia. The law defines Malaysia’s unit of currency as the ringgit, divided into 100 sen.

In July, it was reported that Sarawak has been categorised as a high-income state, according to World Bank economist Apurva Sanghi.

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Apurva said the gross national income (GNI) of Sarawak has exceeded the high-income threshold of US$13,205 (RM61,500), based on the World Bank’s conversion of the data obtained from the national statistics department. - FMT