Economy of Malaysia
Malaysia has a newly industrialised market economy, which is relatively open and state-oriented. The economy of Malaysia is the fourth largest in Southeast Asia, after the more populous Indonesia and the Philippines. Malaysia is the third richest in Southeast Asia by GDP per capita values, after the city-states of Singapore, Malaysias economy is one of the most competitive in the world, ranking 14th in the Ease of Doing Business Index for 2015. Malaysian economy is highly robust and diversified with export value of products in 2014 stood at 63.3 billion USD. Malaysia exports the second largest volume and value of oil products globally after Indonesia. Due to a reliance on oil exports for central government revenue. However government had step up measures to increase revenue by introducing the widely unpopular Government Service Tax at 6% rate to reduce deficits, as one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysias economy.
At one time, it was the largest producer of tin, manufacturing has a large influence in the countrys economy, accounting for over 40% of the GDP. Malaysia is the worlds largest Islamic banking and financial centre, in the 1970s, the predominantly mining and agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysias growth, high levels of investment played a significant role in this. With Japanese investment, heavy industries flourished and in a matter of years, Malaysia consistently achieved more than 7% GDP growth along with low inflation in the 1980s and the 1990s. In 1991, former Prime Minister of Malaysia, Mahathir bin Mohamad outlined his ideal, tan Sri Nor Mohamed, a government minister, said Malaysia could attain developed country status in 2018 if the countrys growth remains constant or increases. Malaysia experienced a boom and underwent rapid development during the late 20th century and has GDP per capita of US$11,062.043 in 2014.
In 2009, the PPP GDP was US$383.6 billion, about half the 2014 amount, in 2014, the Household Income Survey undertaken by the government indicated that there were 7 million households in Malaysia, with an average of 4.3 members in each household. The average household income of Malaysia increased by 18% to RM5,900 a month, compared to RM5,000 in 2012. According to a HSBC report in 2012, Malaysia will become the worlds 21st largest economy by 2050, with a GDP of $1.2 trillion and a GDP per capita of $29,247. The report says The electronic equipment and liquefied natural gas producer will see an increase in income per capita. Malaysian life expectancy, relatively high level of schooling, and above average fertility rate will help in its rapid expansion, viktor Shvets, the managing director in Credit Suisse, has said Malaysia has all the right ingredients to become a developed nation
Nik Abdul Aziz Nik Mat
Tuan Guru Dato Bentara Setia Haji Nik Abdul Aziz Nik Mat was a Malaysian politician and Muslim cleric. He was the Menteri Besar of Kelantan from 1990 to 2013, his career as an elected politician lasted for some 48 years following his election to the Parliament of Malaysia in 1967. Nik Abdul Aziz was born in Kota Bharu in 1931 as the second of five siblings and he was raised by a single father who was an aspiring blacksmith. Nik Azizs Islamic studies began in schools in Kelantan and Terengganu. He went on to study at Darul Uloom Deoband in Uttar Pradesh and he obtained his Bachelor of Arts in Arabic Studies and Master of Arts in Islamic jurisprudence from Al-Azhar University, Egypt. During his university studies, he was one of the witnesses, having returned from Egypt, Nik Aziz began as a teacher at various religious schools in Kelantan, hence his popular nickname Tok Guru. Nik Aziz joined PAS in 1967 and he contested and won the Kelantan Hilir parliamentary seat by-election in that same year, and held the seat until 1986.
In 1982, he was part of a movement by young members to bring change to the party leadership, PAS had lost the Kelantan state elections in 1978 and, as PAS state commissioner, Nik Aziz began to question president Asri Mudas leadership. Finally, in the PAS Muktamar that year, Asri was forced to resign, after stepping aside from federal politics, Nik Aziz won a seat in the Kelantan State Assembly in the 1986 general elections. In 1990, PAS managed to wrest control of Kelantan back from Barisan Nasional, in his capacity as party leader in the state, Nik Aziz became Menteri Besar of Kelantan. He succeeded Yusof Rawa as spiritual leader of PAS in 1991, Nik Azizs government was re-elected on four occasions, until his retirement in 2013. During the 1990s, his administration in Kelantan frequently clashed on the role of Islam in Malaysia with the Prime Minister Mahathir Mohamad, in contrast with the racially exclusive ruling party UMNO, he openly rejected communal politics. Nik Aziz commanded support from a number of non-Muslims in Malaysia.
Nik Aziz drew some criticism for his hardline Islamic views and he was recorded once stating that fashionable and sexy-dressing women deserved to be raped during a ceramah. In 2012, there was an issue of Catholics in Malaysia using the Arabic term for God, Nik Aziz stated that the word Allah can be used by non- Muslims as the origin of the word itself is evidently pre-Islamic. The issue caused a stir in the Muslim community, the PAS party was almost divided into two blocs, one that supported the use of the word, and one that did not. Aiming to restore unity in PAS, Nik Aziz took back his words, after 5 years in detention without trial, he was released. Nik Aziz retired as Chief Minister of Kelantan at the 2013 election, PAS was re-elected and Nik Azizs deputy, Ahmad Yaakob, took his place
The denier or penny was a medieval coin which takes its name from the Frankish coin first issued in the late seventh century, in English it is sometimes referred to as a silver penny. Its appearance represents the end of coinage, which, at the start of Frankish rule, had either been Byzantine or pseudo-imperial. Silver would be the basis for Frankish coinage from on, around AD755, amid the Carolingian Reforms, Pepin the Short introduced a new currency system which was eventually adjusted so that 12 pence equaled one shilling and 20 shillings equaled one pound. Later, three deniers equaled one liard, only the denier was an actual coin, the rest were money of account. This system and the denier itself served as the model for many of Europes currencies, including the British pound, Italian lira, Spanish dinero, in Ancien Régime France, the denier was used as a notional measure of interest rates on loans. Thus, a rate of 4% would be expressed as denier 25, a rate of 5% as denier 20, and so forth
Malaysia is a federal constitutional monarchy located in Southeast Asia. Peninsular Malaysia shares a land and maritime border with Thailand and maritime borders with Singapore, East Malaysia shares land and maritime borders with Brunei and Indonesia and a maritime border with the Philippines and Vietnam. The capital city is Kuala Lumpur, while Putrajaya is the seat of the federal government, with a population of over 30 million, Malaysia is the 44th most populous country. The southernmost point of continental Eurasia, Tanjung Piai, is in Malaysia, located in the tropics, Malaysia is one of 17 megadiverse countries on earth, with large numbers of endemic species. Malaysia has its origins in the Malay kingdoms present in the area which, from the 18th century, the first British territories were known as the Straits Settlements, whose establishment was followed by the Malay kingdoms becoming British protectorates. The territories on Peninsular Malaysia were first unified as the Malayan Union in 1946, Malaya was restructured as the Federation of Malaya in 1948, and achieved independence on 31 August 1957.
Malaya united with North Borneo and Singapore on 16 September 1963 to become Malaysia, less than two years in 1965, Singapore was expelled from the federation. The country is multi-ethnic and multi-cultural, which plays a role in politics. About half the population is ethnically Malay, with minorities of Malaysian Chinese, Malaysian Indians. The constitution declares Islam the state religion while allowing freedom of religion for non-Muslims, the government system is closely modelled on the Westminster parliamentary system and the legal system is based on common law. The head of state is the king, known as the Yang di-Pertuan Agong and he is an elected monarch chosen from the hereditary rulers of the nine Malay states every five years. The head of government is the prime minister, since its independence, Malaysia has had one of the best economic records in Asia, with its GDP growing at an average of 6. 5% per annum for almost 50 years. The economy has traditionally been fuelled by its resources, but is expanding in the sectors of science, commerce.
Today, Malaysia has a newly industrialised market economy, ranked third largest in Southeast Asia, the name Malaysia is a combination of the word Malay and the Latin-Greek suffix -sia/-σία. The word melayu in Malay may derive from the Tamil words malai and ur meaning mountain and city, malayadvipa was the word used by ancient Indian traders when referring to the Malay Peninsula. Whether or not it originated from these roots, the word melayu or mlayu may have used in early Malay/Javanese to mean to steadily accelerate or run. This term was applied to describe the current of the river Melayu in Sumatra. The name was adopted by the Melayu Kingdom that existed in the seventh century on Sumatra
Bank Negara Malaysia
The Central Bank of Malaysia, abbreviated BNM, is the Malaysian central bank. Its headquarters is located in Kuala Lumpur, the 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, provides the establishment 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 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 and 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 funds to be transferred is required to be paid in cash to the necessary authority.
Promotes the development of effective and efficient development financial institutions, the Bank Negara headquarters are located at Jalan Sultan Salahuddin, off Jalan Kuching. Bank Negara is geographically located at latitude 3°96 North of the Equator, landmarks located near the Bank Negara building include Dataran Merdeka, St Marys Cathedral, Kuala Lumpur City Hall building, Lake Gardens, Kuala Lumpur and the Tugu Negara. 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 maintained in Penang, Johor Bahru, Kota Kinabalu, Kuala Terengganu. Some branches were converted into currency distribution and processing centres, Bank Negara retains representative offices in London, New York City, and Beijing. A new building for the Financial Services and Resources Center was constructed in 2004 to house the FSRC, SEACEN, IFSB, 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.
Officially declared opened in August 2011, the building is now known as Sasana Kijang, in 1837 the Indian rupee was made the sole official currency in the Straits Settlements, but in 1867 silver dollars were again legal tender. In 1903 the Straits dollar, pegged at two shillings and fourpence, was introduced by the Board of Commissioners of Currency and private banks were prevented from issuing notes. On 12 June 1967, the Malaysian dollar, issued by the new bank, Bank Negara Malaysia, replaced the Malaya. The new currency retained all denominations of its predecessor except the $10,000 denomination, in 1985, following the Plaza meeting of G-5 finance ministers in New York City, the US dollar fell sharply causing major losses in Bank Negaras dollar reserves
New Straits Times
The New Straits Times is an English-language newspaper published in Malaysia. It is Malaysias oldest newspaper still in print, having been founded as The Straits Times in 1845, the paper served as Malaysias only broadsheet format English language newspaper. The New Straits Times currently retails at RM1.50 in Peninsular Malaysia, the New Straits Times is part of Media Prima group of companies. As of 1 January 2009, the Group Editor of the New Straits Times is Syed Nadzri Syed Harun, executive Editors, as of 1 January 2009, Lee Ah Chai and Chandra Segaran and Lim Thow Boon. The paper was founded as The Straits Times and covered all of what was British Malaya, and Singapore, in 1972 the papers then-owner, The Straits Times Press Berhad formed the New Straits Times Press Sdn. Bhd. in a desire to meet the aspirations of Malaysians to have a majority shareholding in the company produced their largest mass-circulation organ in the English language. On 11 November 2011, 3D publication was introduced to the papers print, in 2011, the New Straits Times underwent a redesign of its masthead, typography and logo.
The first edition in the format was published on 11 November 2011 and this lasted until 31 December 2016. In 2017, the New Straits Times underwent another redesign of its masthead, contents, the redesign brings new sections and improved news content. The first edition in the current format was published on 1 January 2017, in addition, the website will be refreshed on March 2017, with an initiative for a stronger digital presence. Tech&U, was first published on 1 January 1986 as Computimes and it was earlier published every Thursday, and in the 1990s, the section was published on Mondays and Thursdays. On 1 August 2005 a decision was made to focus the Monday edition on the market while the Thursday edition focuses on the consumer market. On 1 January 2008, Tech&U became a publication, available with the New Straits Times every Monday with an increasing consumer slant while keeping the pulse on the enterprise scene. Business Computing is related to this section and it was a weekly section on Wednesdays, published from 1999 to 2004.
As of 1 March 2010, it has incorporated and merged into the Life. The tech section in New Straits Times appears every Monday in the Life & Times section, in 1999, this weekly pullout on travel in Malaysia was published in support of the governments Cuti-Cuti Malaysia campaign. The first issue was released on 6 October 1999 and the first weekly issue was released on 2 October 2000 and it was published every Wednesday when it started, and it was published on Tuesdays until 23 February 2010 as Travel. Starting March 2010, it has incorporated and merged into the Life & Times section
The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was used in the Federated Malay States, the Unfederated Malay States, Brunei. Locally issued coinages included the Kelantan and Trengganu keping, and the Penang dollar, in 1837, the Indian rupee was made the sole official currency in the Straits Settlements, as it was administered as part of India. In 1867, administration of the Straits Settlements was separated from India, from 1898, the Straits dollar was issued by a new Board of Commissioners of Currency and private banks were prevented from issuing notes. Its value depreciated over the eight years and was pegged at two shillings four pence sterling in 1906. The Straits dollar was replaced at par by the Malayan dollar in 1939, to this day and Singapore still use the successor to this unit, but Malaysia broke away in 1973. The first coins issued for the Straits Settlements in 1845 were 1⁄4 and they were issued by the East India Company and did not bear any indication of where they were to be used.
A second issue of the denominations was produced in 1862 by the government of British India. These bore the inscription India - Straits, in 1871, silver coins were issued in the name of the Straits Settlements for 5,10 and 20 cents, followed by copper 1⁄4, 1⁄2 and 1 cent the next year and silver 50 cents in 1886. Silver dollars were first minted in 1903 and this pegging occurred when the Straits dollar reached the value of two shillings and four pence against sterling. Within a few years, the value of silver rose rapidly such as to make the value of the Straits dollar higher than its gold exchange value. To prevent these dollars from being melted down, a new smaller dollar was issued in 1907 with a silver content. A parallel story occurred in the Philippines at the same time, the last 1⁄4 cent coins were issued in 1916. Dollars were last struck for circulation in 1926, with 50 cents production ending in 1921, the remaining coins continued in production until 1935. The Board of Commissioners of Currency introduced 5 and 10 dollar notes in 1898, emergency issues of 10 and 25 cents were made between 1917 and 1920. 1000 dollar notes were issued in 1930 but during the remainder of the 1930s only 1,5 and 10 dollar notes were issued.
Queen Victoria The Government of Straits Settlements was first authorised to issue currency notes by Ordinance VIII of 1897 and these notes, although dated 1 September 1898, were not issued to the public until 1 May 1899. Both the Chartered Bank and Hong Kong and Shanghai Bank continued to issue banknotes, all notes were freely exchangeable with the Mexican dollar or the various other silver coins that were legal tender in the Colony
The Dinar (Arabic, دينار, [ is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils, although inflation has rendered the fils obsolete since 1990. The dinar was pegged at par with the British Pound until 1959 when, without changing its value, after the Gulf War in 1991, due to UN sanctions, the previously used Swiss printing method was no longer available so new, inferior quality, notes were produced. The previously produced notes became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq, due to sanctions placed on Iraq by the United States and the international community along with excessive government printing, the new dinar notes devalued quickly. By late 1995, US$1 was valued at 3,000 dinars at the black market, at this point, the UN, IMF, WB and US combined to limit the value of the dinar to less than 1/10 of a cent to prevent looting and counterfeiting. The US Treasury was commissioned to print multiple billions of US currency and this new currency was wrapped and stacked on pallets and shipped in dozens of USAF transports to Iraq.
There it was transferred covertly to the CBI, where it was stored in very secure vaults, since Iraq has few exports other than oil, which is sold in dollars, there is little demand for dinars and they remain in exotic status. However the new currency has sparked a multimillion-dollar industry in selling dinars to speculators, as of January 2016 the dinar is pegged to the dollar at a rate of 1182/1180 dinars per dollar. The current exchange rate is published by the Central Bank of Iraq on its English-language home page, the exchange rate reportedly available on the streets of Iraq is around 1,300 dinars per U. S. dollar. There is considerable confusion around the role of the International Monetary Fund in Iraq, the IMF as part of the rebuilding of Iraq is monitoring their finances and for this purpose uses a single rate of 1170 dinars per dollar. This program rate is used for calculations in the IMF monitoring program and is not a rate imposed on Iraq by the IMF, for a wider history surrounding currency in the region, see British currency in the Middle East.
Further alerts have been issued by news agencies, the Better Business Bureau has included Dinar Investments in its list of top 10 scams. There has been a book written on the subject, coins were introduced in 1931 and 1932 in denominations of round 1, and 2 fils in bronze, and scalloped 4, and 10, fils in nickel. 20,50, and 200 fils were 50% silver, the 200 fils coin is known as a rial. Bronze substituted nickel in the 5 and 10 fils from 1938 to 1943 during the World War II period, silver 100 fils coins were introduced in 1953. These coins first depicted King Faisal I from 1931-1933, King Ghazi from 1938, and King Faisal II from 1943 until the end of the kingdom. Following the establishment of the Iraqi Republic, a new series of coins was introduced in denominations of 1,5,10,25,50, and 100 fils, with the 25,50, and 100 fils in silver until 1969. In this series an allegorical sun replaced the image of the king and this image was replaced by three palms in 1968
The dinar is the currency of Algeria and it is subdivided into 100 centime. The name dinar is derived from the Roman denarius. The santeem come from French centime, since Algeria was under French administration from 1830 to 1962 The dinar was introduced on 1 April 1964, the obverses showed the emblem of Algeria, while the reverses carried the values in Eastern Arabic numerals. In decades, coins were issued sporadically with various commemorative subjects, the 1 and 2 santeem were not struck again, whilst the 5,10 and 20 santeem were last struck in the 1980s. In 1992, a new series of coins was introduced consisting of 1⁄4, a 200 dinar bi-metallic coin was issued in 2012 to commemorate Algerias 50th anniversary of independence. The 10,20,50,100, and 200 dinar coins are bimetallic, coins in general circulation are 5 dinars and higher. Nonetheless, prices are quoted in santeem in everyday speech. The first series of banknotes issued in 1964 consisted of 5,10,50 and 100 dinar denominations. In 1970500 dinar notes were added, followed by 1000 dinar in 1992, the 100 dinar note is being replaced by coins. 200,500, and 1000 dinar notes are in circulation, the 1998 dated 500 and 1000 dinar notes have an additional vertical holographic strip on obverse
British North Borneo dollar
The British North Borneo dollar was the currency of British North Borneo from 1882 to 1953. It was subdivided into 100 cents, both coins and banknotes were issued by the British North Borneo Company. During the Japanese occupation period, paper money was issued in denominations ranging from 1 cent to 1000 dollars and this currency was fixed at 1 dollar =1 Japanese yen, compared to a 1,2 pre-war rate. Following the war, the Japanese occupation currency was declared worthless, Coins were first minted in values of 1⁄2 cent and 1 cent in copper, and 1 cent, 2 1⁄2 cents, and 5 cents in copper-nickel, and 25 cents in silver. Originally they were issued under the name British North Borneo Co, they were minted under State of North Borneo, starting in 1903. All coins depicted the coat of arms on the obverse. These were last minted in 1941 and phased out and replaced by coins of the Malayan dollar, banknotes were printed in values of 25 cents,50 cents, $1, $5, $10, and $25. The design of the banknotes did not change much during the currencys lifetime, their physical sizes tend to shrink over time.
They either show the coat of arms, Mount Kinabalu, or both, Malayan dollar Postal orders of British North Borneo Sarawak dollar Global Financial Data currency histories table Online Coin Club / Coins from North Borneo