Central Bank of Malaysia
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| Headquarters | Kuala Lumpur, Malaysia |
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| Established | 26 January 1959 |
| Governor | Muhammad bin Ibrahim |
| Central bank of | Malaysia |
| Currency |
Malaysian ringgit MYR (ISO 4217) |
| Website | www |
The Central Bank of Malaysia (Malay: Bank Negara Malaysia), abbreviated BNM, is the Malaysian central bank. Established on 26 January 1959 as Bank Negara Tanah Melayu, its main purpose is to issue currency, act as banker and adviser to the Government of Malaysia and regulate the country's financial institutions, credit system and monetary policy. Its headquarters is located in Kuala Lumpur, the federal capital of Malaysia.
The bank is active in developing financial inclusion policy and is an important member of the Alliance for Financial Inclusion.
The bank is endowed with certain powers through establishment of legal Acts by the Parliament of Malaysia to help fulfill its objectives. New legislation are created and current legislation is amended to reflect the needs of the time and future.
Provides the establishment, administration and powers of the bank. This act repealed the Central Bank of Malaysia Act 1958.
Consolidates the regulatory and supervisory framework for Malaysia’s banking industry, insurance industry, payment systems and foreign exchange administration matters. This act repealed Banking and Financial Institutions Act 1989, Insurance Act 1996 (though sections 144, 147(4), 147(5), 150, 151 and 224 of the Insurance Act 1996 continue to remain in full force and effect by virtue of section 275 of FSA 2013), Payment Systems Act 2003 and Exchange Control Act
Sets out the regulatory framework for Malaysia’s Islamic financial sector with the principal regulatory objectives of promoting financial stability and compliance with Shariah. This act repealed Islamic Banking Act 1983 and Takaful Act 1984.
Gives the bank the power to license and regulate money changing business in Malaysia.
This act is actually renamed from a previous act. The act provides powers to the bank to prevent money laundering and terrorism financing, and every funds transferred from offshore banks in Malaysia to any other bank within or outside Malaysia that are above 1 million US Dollars incurs a 0.1 percent charge, and payment should be made cash to the primary bank where the funds is deposited for the period of time, 21 working days should be placed on money been transferred and such money should be investigated with care. After careful investigation,the ministry of finance Malaysia should issue and endorse a certification to show that the Central Bank has fully cleared the funds while Member states of the Association of Southeast Asian Nations (ASEAN) should also endorse their certification. This will be at a cost of 0.25 percent of the total funds to be transferred and you are advised to go through your attorney within Malaysia. A mandate of 0.35 percent of the total funds to be transferred is required to be paid in cash to the necessary authority.
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Wikipedia