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Jump to navigation Jump to search “BNM” redirects here. For the Moldovan central bank, see National Bank of Moldova. Government of Malaysia and regulate the country’s financial institutions, credit system and monetary policy. 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 This act repealed the Central Bank of Malaysia Act 1958.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. 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 This act repealed Islamic Banking Act 1983 and Takaful Act 1984. Provides for regulation of money services business industry which comprises of remittance, wholesale currency and currency exchange businesses.
This act is actually renamed from a previous act. Promotes the development of effective and efficient development financial institutions. 41′ 33″ East of the Prime Meridian on the map of Kuala Lumpur. Bank Negara had previously maintained branches in each of the state capitals. Most of them were closed in the 1990s when retail banks began taking over most of the counter services. Bank Negara also retains representative offices in London, New York City, and Beijing. Located along Jalan Dato Onn, in front of the Tun Hussein Onn Memorial, the building was designed by renowned Malaysian architect firm, Hijjas Kasturi Associates.