Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part X · Relations with Government
72. Issues of policy
Feedback & supportThe Bank shall keep the Minister informed of policies relating to its principal objects.
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
In the event of a difference of opinion between the Minister and the Bank relating to its principal objects, the Minister and the Bank shall endeavour to reach an agreement.
Minister
“Minister” means the Minister charged with the responsibility for finance;
If the Minister and the Bank are unable to reach an agreement, the Board shall furnish to the Minister a statement in relation to the matter in respect of which the difference of opinion has arisen.
The Minister shall then submit a recommendation together with the statement furnished by the Board under subsection (3) to the
Cabinet.
Acting on the recommendation of the Minister and the statement furnished by the Board, the Cabinet may determine the policy to be adopted by the Bank.
The Minister shall inform the Bank of the policy as determined under subsection (5) and that the Government accepts responsibility for the policy.
The Bank shall then give effect to the policy as determined under subsection (5).
70 Laws of Malaysia ACT 701
If the Board objects to the policy as determined under subsection
, the Board may submit its objections and reasons therefor in writing to the Minister who shall cause the same together with the policy as determined under subsection (5) to be laid before the House of
Representatives, or, if the House of Representatives is not then sitting, at the sitting of the following meeting of the House of Representatives.