KUCHING, Sept 1 — Sarawak may introduce its own currency if the less favourable economy in Malaysia persists, said federal Works Minister Datuk Seri Alexander Nanta Linggi.
“If Sarawak’s economy is good, while the national economy is not doing so well, perhaps Sarawak will have our own currency.
“If Sarawak is better than others, why not? This is what I’m trying to emphasise,” he said in a report by Free Malaysia Today today, speaking in a podcast to mark National Day and Malaysia Day, entitled “From Malaya to Malaysia: 60 Years”.
“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,” he added.
Nanta, 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.
Apurva said the gross national income (GNI) of Sarawak has exceeded the high-income threshold of US$13,205 (RM61,500), based on the World Bank’s conversion of the data obtained from the national statistics department.
