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The Malaysian Economy in 2003 Overview

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The Malaysian Economy in 2003 Overview 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 2003, which have been examined and certified by the Auditor-General. The Annual Accounts will also be published in the Gazette. Zeti Akhtar Aziz Chairman 26 March 2004 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’ Mohd Salleh bin Hj. Harun D.S.D.K. Deputy Governor Dato’ Ooi Sang Kuang D.M.P.N. Deputy Governor Tan Sri Dato’ Seri Dr. Samsudin bin Hitam P.S.M., P.N.B.S., D.C.S.M., S.S.A.P., S.M.J., D.P.M.T., D.P.M.P., J.S.M., K.M.N., A.M.N. Secretary General to the Treasury 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.I.M.P., D.M.S.M., D.G.P.N. Dato’ N. Sadasivan D.P.M.P., J.S.M., K.M.N. Governor Dr. Zeti Akhtar Aziz Deputy Governor Dato’ Mohd Salleh bin Hj. Harun Deputy Governor Dato’ Ooi Sang Kuang Assistant Governor Datuk Zamani bin Abdul Ghani Assistant Governor Dato’ Mohamad Daud bin Hj. Dol Moin Assistant Governor Datuk Latifah Merican Cheong Assistant Governor Dato’ Mohd Razif bin Abd. Kadir Secretary to the Board Mohd Nor bin Mashor Directors/Heads of Department Governor’s Office Ng Chow Soon Internal Audit Yahaya bin Haji Besah Legal Gopala Krishnan Sundaram Economics Monetary Assessment and Strategy V. Vijayaledchumy Economics Dr. Phang Hooi Eng International Wan Hanisah binti Wan Ibrahim Foreign Exchange Administration Mahdi bin Mohd. Ariffin Statistical Services Chan Yan Kit Regulation Bank Regulation Nor Shamsiah binti Mohd Yunus Insurance Regulation Donald Joshua Jaganathan Islamic Banking and Takaful Bakarudin bin Ishak DFI Regulation Che Zakiah binti Che Din Risk Management Teo Kee Tian Supervision Bank Supervision I Azizan bin Haji Abd Rahman Bank Supervision II Chung Chee Leong Insurance Supervision Sani bin Ab. Hamid Payment Systems Ahmad Hizzad bin Baharuddin Information Systems Supervision Ramli bin Saad Special Investigation Kamari Zaman bin Juhari Financial Intelligence Koid Swee Lian Investment and Operations Investment Operations and Financial Market Muhammad bin Ibrahim Finance Abdul Aziz bin Abdul Manaf Organisational Development IT Services Hong Yang Sing Human Resource Management Mainor bin Awang Human Resource Development Centre Lim Lai Hong Corporate Services Mohd Nor bin Mashor Corporate Communication Abu Hassan Alshari bin Yahaya Strategic Planning Mior Mohd Zain bin Mior Mohd Tahir Currency Management and Operation Hor Weng Keng Security Ahmad bin Mansur Property and Services Zulkifli bin Abd Rahman Chief Representative London Representative Office Lillian Leong Bee Lian New York Representative Office Shamsuddin bin Mohd Mahayiddin Branch Manager Pulau Pinang Ong Boon Teck Johor Bahru Ishak bin Musa Kota Kinabalu Yusoff bin Yahaya Kuching Nallathamby s/o Nalliah Kuala Terengganu Mokhtar bin Mohd Noh Shah Alam Hamzah bin Abu Bakar Contents Governor’s Statement The Malaysian Economy in 2003 Overview ................................................................................................................. 02 White Box: Potential Output of the Malaysian Economy ....................................... 07 Sectoral Review ....................................................................................................... 12 Domestic Demand Conditions .................................................................................. 27 Prices and Employment ............................................................................................ 32 External Sector ......................................................................................................... 37 White Box: Recent Trends in Foreign Direct Investment in Malaysia ....................................................................... 47 Flow of Funds .......................................................................................................... 56 Monetary and Fiscal Developments Monetary Policy in 2003 .......................................................................................... 60 White Box: Monetary Policy Statement ................................................................. 61 Monetary Developments .......................................................................................... 62 Exchange Rate Developments .................................................................................. 68 Fiscal Policy and Operations ..................................................................................... 69 Outlook and Policy The International Economic Environment ................................................................. 80 Malaysian Economy in 2004 .................................................................................... 85 White Box: Liberalisation and Simplification of Foreign Exchange Administration Rules ........................................................... 89 Monetary Policy in 2004 .......................................................................................... 96 Fiscal Policy in 2004 ................................................................................................. 98 Financial Sector Policy in 2004 ................................................................................. 99 White Box: Report on SME Development Framework ......................................... 101 The Financial Sector Sources and Uses of Funds of the Financial System................................................. 104 Management of the Banking System...................................................................... 107 White Box: The International Center for Leadership in Finance............................ 110 Supervisory Activities.............................................................................................. 119 White Box: Banking Measures Introduced in 2003.............................................. 122 Performance of the Banking System ....................................................................... 128 White Box: Financial Sector Masterplan .............................................................. 141 White Box: The Proposed Deposit Insurance System in Malaysia ......................... 150 Other Financial Institutions ..................................................................................... 152 Financial Markets ................................................................................................... 157 White Box: Key Capital Market Measures in 2003 .............................................. 164 Developments in Payment and Settlement Systems ................................................ 172 White Box: Payment Systems Act 2003 .............................................................. 173 Malaysia’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Programme ........................................................................ 178 The Islamic Financial System Growing Significance of the Islamic Financial System.............................................. 182 Policy Thrusts in 2003 ............................................................................................ 186 White Box: Introduction of Islamic Variable Rate Mechanism .............................. 187 White Box: The Framework of the Rate of Return ............................................... 190 White Box: Guidelines on the Specimen Reports and Financial Statements for Licensed Islamic Banks (GP8-i) ................................... 193 Performance of the Islamic Banking System............................................................ 196 Development Financial Institutions Introduction ........................................................................................................... 204 Policies and Measures ............................................................................................ 204 Performance of Development Financial Institutions................................................. 208 External Relations Economic Surveillance ............................................................................................ 222 International Financial Architecture ........................................................................ 222 External Relations with the IMF .............................................................................. 223 Islamic Banking ...................................................................................................... 223 Combating Money Laundering and Terrorist Financing ........................................... 224 Financial Sector Liberalisation ................................................................................. 224 Regional Co-operation ........................................................................................... 229 White Box: Asian Bond Market Initiative ............................................................. 231 Bilateral Co-operation ............................................................................................ 232 Technical Assistance and Information Exchange...................................................... 232 Organisation and Human Resource Organisation Development – Overview..................................................................
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