The Bank established under Central Bank of Malaysia Act
(1) Notwithstanding the repeal of the Central Bank of Malaysia Act 1958 by section 99, the body corporate established under the repealed Act under the name “Bank Negara Malaysia” or, in English, “Central Bank of Malaysia” shall continue to be in existence under and subject to the provisions of this Act.
(2) The Bank is the same body corporate established under the repealed Act.
(3) The Bank shall continue to have perpetual succession and a common seal and may sue and be sued in its own name.
(4) The Bank shall have its Head Office in Kuala Lumpur and may open branches and appoint agents and correspondents in or outside Malaysia.
(5) The Bank may, by instrument, under its common seal, appoint a person whether in or outside Malaysia to be its attorney, and the person so appointed may, subject to the instrument, do any act or execute any power or function which he is authorized by the instrument to do or execute.
Central bank for Malaysia
The Bank shall be the central bank for Malaysia.
Principal objects and functions of the Bank
(1) The principal objects of the Bank shall be to promote monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy.
(2) The primary functions of the Bank are as follows:
(a) to formulate and conduct monetary policy in Malaysia;
(b) to issue currency in Malaysia;
(c) to regulate and supervise financial institutions which are subject to the laws enforced by the Bank;
(d) to provide oversight over money and foreign exchange markets;
(e) to exercise oversight over payment systems;
(f) to promote a sound, progressive and inclusive financial system;
(g) to hold and manage the foreign reserves of Malaysia;
(h) to promote an exchange rate regime consistent with the fundamentals of the economy; and
(i) to act as financial adviser, banker and financial agent of the Government.
(3) The Bank shall have all the powers necessary, incidental or ancillary to give effect to its objects and carry out its functions.
(4) The Bank in giving effect to its objects and carrying out its functions under this Act shall have regard to the national interest.
