KUCHING: Works Minister Datuk Seri Alexander Nanta Linggi has sparked discussions about the prospect of Sarawak introducing its own currency in response to Malaysia’s uncertain economic climate.
According to him, Sarawak may have its own currency if the national economy continues to face challenges.
“If Sarawak’s economy is good, while the national economy is not doing so well, perhaps Sarawak will have its own currency.
“If Sarawak is better than others, why not? This is what I’m trying to emphasise,” he said during a podcast “From Malaya to Malaysia: 60 years” aired by Sinar Daily today.
While Nanta hopes to initiate a serious dialogue on the matter, he is cautious about potential backlash.
“I hope people are not calling me a traitor, but I’m talking seriously. If we are so good in developing our economy (then) by calculation, our economy should be strong,” said Nanta, who is secretary-general of both Parti Pesaka Bumiputera Bersatu and the ruling Gabungan Parti Sarawak.
Nanta did not state under which law Sarawak would derive power over currency. Under the Federal Constitution, only the federal government has powers over currency.
Bank Negawa Malaysia is empowered by the Central Bank of Malaysia Act as the sole authority to issue currency in Malaysia. The law defines Malaysia’s unit of currency as the Ringgit, divided into 100 sen.
In July, it was reported that Sarawak has been categorized as a high-income state, according to World Bank economist Apurva Sanghi.
Apurva said the gross national income (GNI) of Sarawak has exceeded the high-income threshold of USD13,205 (RM61,500) based on the World Bank’s conversion of the data obtained from the national statistics department.
