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The Complete Book Statutory Requirements In accordance with section 48 of the Central Bank of Malaysia Act 1958, Bank Negara Malaysia hereby publishes and has transmitted to the Minister of Finance a copy of this Annual Report together with a copy of its Annual Accounts for the year ended 31 December 2004, which have been examined and certified by the Auditor-General. The Annual Accounts will also be published in the Gazette. Zeti Akhtar Aziz Chairman 23 March 2005 Board of Directors Board of Directors Dr. Zeti Akhtar Aziz D.K. (Johor), P.S.M., S.S.A.P., D.P.M.J. Governor and Chairman Dato’ Ooi Sang Kuang D.M.P.N. Deputy Governor Datuk Zamani bin Abdul Ghani D.M.S.M., D.S.M., K.M.N. Deputy Governor Dato’ Izzuddin bin Dali D.S.P.N., K.M.N. Datuk Oh Siew Nam P.J.N. Tan Sri Datuk Amar Haji Bujang bin Mohd. Nor P.S.M., D.A., P.N.B.S., J.S.M., J.B.S., A.M.N., P.B.J. P.P.D.(Emas) Tan Sri Dato’ Seri Dr. Mohd. Noordin bin Md. Sopiee P.S.M., D.G.P.N., D.I.M.P., D.M.S.M. Dato’ N. Sadasivan D.P.M.P., J.S.M., K.M.N. Tan Sri Dato Sri Mohd Hassan Marican P.S.M., S.P.M.T., D.S.M.T., P.N.B.S., A.M.K. Datuk Zamani bin Abdul Ghani was appointed as Deputy Governor with effect from 16 May 2004. Dato’ Mohd Salleh bin Hj. Harun retired on 15 May 2004 on completion of his term as Deputy Governor. Dato’ Izzuddin bin Dali was appointed as a member of the Board with effect from 1 August 2004. Tan Sri Dato’ Seri Dr. Samsudin bin Hitam resigned from the Board with effect from 31 July 2004 on completion of his term as Secretary General to the Treasury. Tan Sri Dato Sri Mohd Hassan Marican was appointed as a member of the Board with effect from 1 February 2005. Governor Dr. Zeti Akhtar Aziz Deputy Governor Dato’ Ooi Sang Kuang Deputy Governor Datuk Zamani bin Abdul Ghani Assistant Governor Dato’ Mohamad Daud bin Hj. Dol Moin Assistant Governor Dato’ Mohd Razif bin Abd. Kadir Assistant Governor Muhammad bin Ibrahim Assistant Governor Nor Shamsiah binti Mohd Yunus Secretary to the Board Dato’ Mohd Nor bin Mashor Director Governor’s Office Ng Chow Soon Corporate Communications Abu Hassan Alshari bin Yahaya Internal Audit Hor Weng Keng Legal Gopala Krishnan Sundaram Special Investigation Kamari Zaman bin Juhari Financial Intelligence Koid Swee Lian Economics Monetary Assessment and Strategy Dr. Sukhdave Singh Economics V. Vijayaledchumy International Ismail bin Alowi Finance Abdul Aziz bin Abdul Manaf Regulation Bank Regulation Dato’ Mohd Razif bin Abd. Kadir Insurance Regulation Donald Joshua Jaganathan Islamic Banking and Takaful Bakarudin bin Ishak DFI Regulation Che Zakiah binti Che Din Risk Management Santhini a/p Chandrapal Small and Medium Enterprise Marianus Vong Shin Tzoi @ Joseph Vong Supervision Bank Supervision I Azizan bin Haji Abd Rahman Bank Supervision II Chung Chee Leong Insurance Supervision Sani bin Ab. Hamid Information Systems Supervision Ramli bin Saad Payment Systems Ahmad Hizzad bin Baharuddin Investment and Operations Investment Operations and Financial Market Wan Hanisah binti Wan Ibrahim Foreign Exchange Administration Mahdi bin Mohd. Ariffin Statistical Services Chan Yan Kit Organisational Development IT Services Hong Yang Sing Human Resource Management Mior Mohd Zain bin Mior Mohd Tahir Human Resource Development Centre Lim Lai Hong Strategic Management Lim Foo Thai Corporate Services Dato’ Mohd Nor bin Mashor Security Ahmad bin Mansur Property and Services Zulkifli bin Abd Rahman Currency Management and Operation Tengku Zaib Raja Ahmad Chief Representative London Representative Office Lillian Leong Bee Lian New York Representative Office Shamsuddin bin Mohd Mahayiddin Branch Manager Pulau Pinang Raman a/l Krisnan Johor Bahru Ishak bin Musa Kota Kinabalu Mohd Ramzi bin Mohd Sharif Kuching Nallathamby s/o Nalliah Kuala Terengganu Mokhtar bin Mohd Noh Shah Alam Mohd. Khir bin Hashim Contents Governor’s Statement The Malaysian Economy in 2004 Overview ................................................................................................................... 2 White Box: Potential Output in the Malaysian Economy.......................................... 7 Sectoral Review ....................................................................................................... 11 White Box: Report on Small and Medium Enterprise Development Framework ................................................... 28 Domestic Demand Conditions .................................................................................. 33 Prices and Employment ............................................................................................ 37 External Sector ......................................................................................................... 42 Flow of Funds .......................................................................................................... 57 Monetary and Fiscal Developments Monetary Policy in 2004 .......................................................................................... 62 White Box: New Interest Rate Framework ............................................................. 63 Monetary Developments in 2004 ............................................................................. 67 Exchange Rate Developments .................................................................................. 72 Fiscal Policy and Operations ..................................................................................... 73 Outlook and Policy The International Economic Environment ................................................................. 82 Malaysian Economy in 2005 .................................................................................... 87 Monetary Policy in 2005 .......................................................................................... 93 Fiscal Policy in 2005 ................................................................................................. 94 Financial Sector Policy in 2005 ................................................................................. 95 White Box: Liberalisation of the Foreign Exchange Administration Rules .......................................................................... 98 The Financial System Sources and Uses of Funds of the Financial System................................................. 102 The Banking System Management of the Banking System...................................................................... 108 White Box: ICLIF Forging Ahead to Realise Its Vision ........................................... 110 White Box: Banking Measures Introduced in 2004.............................................. 120 White Box: Financial Sector Masterplan .............................................................. 125 White Box: Financial Services Liberalisation Measures Since 2000 ....................... 134 Supervision of the Banking System ......................................................................... 136 White Box: Malaysia’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Programme................................... 139 Performance of The Banking System ...................................................................... 144 The Islamic Financial System Overview ............................................................................................................... 158 Policy Direction in 2004 ......................................................................................... 160 White Box: Shariah Governance Framework for Islamic Financial Insitutions .......................................................................... 163 Supervision of the Islamic Banking System.............................................................. 165 Performance of the Islamic Banking System............................................................ 167 Development Financial Institutions Overview ............................................................................................................... 176 Policies and Developments ..................................................................................... 176 Performance of Development Financial Institutions................................................. 179 Other Financial Institutions Discount Houses .................................................................................................... 192 Provident and Pension Funds.................................................................................. 192 Venture Capital ...................................................................................................... 193 Unit Trust Industry .................................................................................................. 196 Financial Markets Overview ............................................................................................................... 200 Money Market ....................................................................................................... 201 Foreign Exchange Market....................................................................................... 203 Equity Market ........................................................................................................ 204 White Box: Key Capital Market Measures in 2004 .............................................. 207 Bond Market ........................................................................................................ 209 Exchange-traded Derivatives Market ...................................................................... 213 The Payment and Settlement Systems Introduction
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