Central Bank of Malaysia (Kuala Lumpur)

 bank  Add category

Address:
Central Bank of Malaysia
(Bank Negara Malaysia)
Jalan Dato Onn
50480 Kuala Lumpur
Malaysia
Website: www.bnm.gov.my/

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system within its country's borders. A central bank is distinguished from a normal commercial bank because it has a monopoly on creating the currency of that nation, which is usually that nation's legal tender. The primary function of a central bank is to provide the nation's money supply, but more active duties include controlling interest rates, and acting as a lender of last resort to the banking sector during times of financial crisis. It may also have supervisory powers, to ensure that banks and other financial institutions do not behave recklessly or fraudulently.

Bank Negara Malaysia was established in 1959 by the Central Bank of Malaya Ordinance of 1958. Since then the bank has been operating with a mission of maintaining both monetary and fiscal stability for achieving sustainable economic growth. Its main purpose was to issue currency, act as banker and adviser to the Government of Malaysia and regulate the country's credit situation. 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. There are still branches maintained in Penang, Johor Bahru, Kota Kinabalu, Kuching, Kuala Terengganu and Shah Alam. Some branches were converted into a currency distribution and processing centres. Bank Negara also retains representative offices in London and New York City, and a personnel training centre in Petaling Jaya, Malaysia.