Datuk Sim Kiang Chiok
KUCHING (Sept 2): The idea of Sarawak having its own currency is something worth considering, said Sarawak United People’s Party (SUPP) Stakan chairman Datuk Sim Kiang Chiok.
He said it will be like Sarawak having its currency again like the Brooke Rajah era when there was ‘Sarawak dollar’.
He also believed this could be like the United Kingdom which had its own currency while being part of the European Union (EU) until it left the EU in 2020.
“Sarawak can set up its own central bank with its own check and balance and with its own new currency. We have demand for our minerals such as oil and gas, goods and services, and green electricity and so on that would create demand for our new proposed currency and bring in foreign exchange for our state.
“To start our own currency, Sarawak must be united and strong politically to ask for this right or devolution under Malaysia Agreement 1963 (MA63).
“Having our own currency again may shield or buffer our economy and business from good or bad situations (in the Peninsular),” he said.
Sim said it will be like Sarawak having its currency again like the Brooke Rajah era when there was ‘Sarawak dollar’. – Photo from WhatsApp/Sim Kiang Chiok
He was commenting on Works Minister Dato Sri Alexander Nanta Linggi recently saying Sarawak may introduce its own currency if the less favourable economy in Malaysia persists.
Sim said with Sarawak’s own currency, it will allow the state to protect the value of its savings and gains from resources and services.
“Since we have formed Malaysia we have then decided to be federated to improve security, have a bigger economy and stable politics for Sarawak and Malaysia.
“We have moved forward economically, with good security and developed into a modern country.
“Sarawak has also begun to restore our autonomous rights in certain matters under the Malaysia Agreement 1963 (MA63) and have amended Malaysia Constitution to incorporate all the MA63 and other agreements in 2021,” he said.
Nanta had said in a podcast to mark National Day and Malaysia Day, entitled From Malaya to Malaysia: 60 Years that “if Sarawak’s economy is good, while the national economy is not doing so well, perhaps Sarawak will have our own currency.”
Nanta, who is also secretary general of Gabungan Parti Sarawak (GPS), however, did not state under which law Sarawak would derive power over currency, as under the Federal Constitution, only the federal government has powers over currency.
Bank Negara 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 categorised as a high-income state, according to World Bank economist Apurva Sanghi.
