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Annual Report ENG 2010.Indb STATUTORY REQUIREMENTS In accordance with section 13 of the Central Bank of Malaysia Act 2009, 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 Financial Statements for the year ended 31 December 2010, which have been examined and certified by the Auditor-General. The Financial Statements will also be published in the Gazette. For the purposes of section 115 of the Development Financial Institutions Act 2002, the annual report on the administration of the Development Financial Institutions Act 2002 and other related matters for the year ended 2010 is incorporated in Bank Negara Malaysia’s Financial Stability and Payment Systems Report 2010 which forms an integral part of this Annual Report 2010. Zeti Akhtar Aziz Chairman Board of Directors 23 March 2011 BOARD OF DIRECTORS Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz D.K. (Johor), P.S.M., S.S.A.P., S.U.M.W., D.P.M.J. Governor and Chairman Dato’ Mohd Razif bin Abd Kadir BOARD OF DIRECTORS D.P.M.S., D.I.M.P., D.P.M.P. Deputy Governor Dato’ Muhammad bin Ibrahim D.P.M.S. Deputy Governor Puan Nor Shamsiah binti Mohd Yunus Deputy Governor Tan Sri Dato’ Sri Dr. Wan Abdul Aziz bin Wan Abdullah P.S.M., S.P.S.K., S.S.A.P., S.P.D.K., D.P.S.K., S.M.W., A.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) Dato’ N. Sadasivan D.P.M.P., J.S.M., K.M.N. Tan Sri Dato’ Seri Dr. Sulaiman bin Mahbob P.S.M., P.J.N., S.S.A.P., D.J.B.S., J.S.M., S.M.J., P.M.P., K.M.N., A.M.N. Encik Chin Kwai Yoong (Encik Chin Kwai Yoong was appointed as member of the Board of Directors effective 1 March 2010) (Datuk Oh Siew Nam, Tan Sri Datuk Amar Haji Bujang bin Mohd. Nor and Dato’ N. Sadasivan were reappointed as members of the Board of Directors effective 1 March 2011) ANNUAL REPORT 3 BOARD OF DIRECTORS ANNUAL REPORT 4 Governor Tan Sri Dr. Zeti Akhtar Aziz Deputy Governor Dato’ Mohd Razif bin Abd. Kadir Deputy Governor Dato’ Muhammad bin Ibrahim Deputy Governor Nor Shamsiah binti Mohd Yunus Special Advisor Dato’ Ooi Sang Kuang Project Advisor Dato’ Mohd Nor bin Mashor Secretary to the Board Abu Hassan Alshari bin Yahaya Assistant Governor Dr. Sukhdave Singh Assistant Governor Bakarudin bin Ishak Assistant Governor Norzila binti Abdul Aziz Assistant Governor Jessica Chew Cheng Lian Assistant Governor Donald Joshua Jaganathan Assistant Governor Abu Hassan Alshari bin Yahaya Assistant Governor Marzunisham bin Omar Director Governor’s Office Suhaimi bin Ali Strategic Communications Abu Hassan Alshari bin Yahaya Risk Management Chung Chee Leong Special Investigation — Financial Intelligence Wan Mohd Nazri bin Wan Osman Internal Audit Tan Nyat Chuan Economics Economics Fraziali bin Ismail Monetary Assessment and Strategy Dr. Norhana binti Endut International Nazrul Hisyam bin Mohd Noh Regulation Financial Sector Development S. Abd. Rasheed bin S. Abd Ghafur Islamic Banking and Takaful Ahmad Hizzad bin Baharuddin Financial Surveillance Madelena binti Mohamed Prudential Financial Policy Mohd Zabidi bin Md Nor Development Finance and Enterprise Kamari Zaman bin Juhari Consumer and Market Conduct Koid Swee Lian Money Business Services* — Supervision Financial Conglomerates Supervision Che Zakiah binti Che Din Insurance and Takaful Supervision Yap Lai Kuen Banking Supervision Marina binti Abdul Kahar Regulation and Supervision Administration Unit Nor Aslaini binti Mohd Nasir Payment Systems Policy Cheah Kim Ling Investment and Operations Investment Operations and Financial Markets Adnan Zaylani bin Mohamad Zahid Foreign Exchange Administration Wan Hanisah binti Wan Ibrahim Currency Management and Operations Ramli bin Saad Corporate Resources Strategic Human Capital Mohd. Adhari bin Belal Din Finance — Legal Jeremy Lee Eng Huat Strategic Management Tunku Alizakri bin Raja Muhammad Alias Human Capital Development Centre Arlina binti Ariff Corporate Services Azmi bin Abd Hamid IT Services Alizah binti Ali Statistical Services Toh Hock Chai Central Banking Services — LINK and Regional Offices — Security Mior Mohd Zain bin Mior Mohd Tahir Property Management Services — Sasana and Lanai Kijang Management Office Lim Foo Thai Bank Negara Malaysia Museum and Art Gallery Muhammad Fawzy bin Ahmad HR Services Unit — MIFC Promotion Unit Shariffuddin bin Khalid Chief Representative London Representative Office Mohamad Ali Iqbal bin Abdul Khalid New York Representative Office Khairuzin bin Mohd Arif Branch Manager Johor Bahru Kamalullail bin Ramli Kuching Ishak bin Musa Shah Alam Mohd. Khir bin Hashim Kuala Terengganu Azizan bin Mohd Ali Kota Kinabalu Ahmad bin Abd Rahim Pulau Pinang Rosnani binti Mahamad Zain * To be established later Contents GOVERNOR’S STATEMENT EXECUTIVE SUMMARY ECONOMIC DEVELOPMENTS IN 2010 11 The International Economic Environment 15 The Malaysian Economy 18 Domestic Demand Conditions 20 White Box: The Growth and Evolution of Consumer Spending in Malaysia 24 White Box: Growth and Changing Trends of Private Investment in Malaysia 30 Sectoral Review 35 External Sector 44 Labour Market Developments 46 Price Developments 50 White Box: Determinants of Inflation in Malaysia 54 White Box: Rise of Economic Integration in East Asia: The Malaysian Perspective 59 White Box: Liberalisation of Foreign Exhange Administration (FEA) to Strengthen Malaysia’s Linkage with Regional and Global Economies MONETARY AND FINANCIAL CONDITIONS 65 International Monetary and Financial Conditions 68 Domestic Monetary and Financial Conditions 74 Financing of the Economy 76 White Box: The Impact of Exchange Rate Appreciation on Malaysian Trade MONETARY POLICY IN 2010 81 Monetary Policy 84 Monetary Operations 87 White Box: Financial Imbalances and the Role of Monetary Policy OUTLOOK AND POLICY IN 2011 91 International Economic Outlook 93 Malaysian Economy 95 White Box: Potential Output of the Malaysian Economy 104 Monetary Policy 105 Fiscal Policy GOVERNANCE, COMMUNICATIONS AND ORGANISATIONAL DEVELOPMENT 109 Governance 111 White Box: Operationalisation of the Central Bank of Malaysia Act 2009 118 Communications 120 Organisational Development 124 White Box: Corporate Social Responsibility 129 Organisation Structure ANNUAL FINANCIAL STATEMENTS 136 Statement of Financial Position as at 31 December 2010 137 Income Statement for the Year Ended 31 December 2010 138 Notes to the Financial Statements ANNEX GOVERNOR’S STATEMENT The world economy improved significantly in 2010. Particularly strong growth was recorded in the emerging economies with this trend being most pronounced in the Asian region. Generally this growth has been underpinned by strong domestic demand and the recovery in world trade. While the global growth momentum slowed in the second half of the year, economic growth in 2011 is expected to continue although at a more moderate pace. The slower world trade, and the implementation of policies to avoid risks to sustainable growth, have placed most emerging economies on a more steady growth path. The most pressing challenge for the world economy in 2010 has therefore been to promote a self-sustaining growth that is accompanied by job creation and macroeconomic stability. In Malaysia, the economy expanded by 7.2% in 2010, with encouraging trends in private economic activity and continued improvements in employment conditions. Despite the more moderate global growth in 2011, Malaysia has the potential to sustain its underlying trend of steady economic growth. This will continue to be supported by sound macroeconomic fundamentals, continued access to financing in an environment of ample liquidity and a resilient financial sector. As a highly open economy, Malaysia will continue to be affected by the spillover effects of global developments. These will include the effects of developments and policies being pursued by the advanced economies, the geopolitical tensions in the Middle East and more recently, the tragic developments in Japan. Twelve years hence from the Asian financial crisis, Malaysia has built its capacity to cope with such challenges. The strengthening of our economic structure and the financial system, the enhancement of institutional arrangements and the improvement in our macroeconomic fundamentals have increased the resilience of our economy. Two further global developments, the sharply higher global commodity and energy prices and the massive shifts in global liquidity, could also affect global growth prospects. These developments have been affected by supply disruptions due to geopolitical developments, weather conditions and the search for yield among investors in a low interest rate environment. The concern arising from these trends is that the higher commodity and energy prices could translate into higher inflation which in turn could unhinge inflationary expectations. In addition, the shifts in liquidity to emerging economies are also creating undue volatility in financial markets and excess liquidity conditions that could result in the formation of asset bubbles and other financial imbalances. Despite the developments in the commodity markets, the consensus view at this stage is that economic activity would only be discernibly affected if the energy and commodity prices remained elevated for an extended period of time. The presence of stockpiles, better inventory management, the more efficient use of energy, and the better-anchored inflation expectations, all point to greater resilience to price shocks compared to the 1970s and 1980s. Nevertheless, different countries will be affected differently. Developing and emerging economies are likely to be more adversely affected given the greater weight of food and fuel in their consumption baskets. Commodity exporters will be less affected compared to commodity importers. The strength of the pass-through to domestic prices will also depend on factors such as domestic supply constraints, the efficiency of domestic distribution channels, the existence of subsidies and the fiscal capacity of governments to reduce the burden of higher prices.
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