Hello and welcome! In this Sepupunomics Premium Institutions report, you will uncover the untold story of Bank Negara Malaysia – not merely as a central bank, but as the architect of Malaysia’s modern financial statecraft.

From managing currency crises and navigating global financial turbulence, to founding a business school with MIT and leading Islamic finance on the world stage, Bank Negara has evolved into one of the most trusted and capable institutions in Malaysia. This deep dive charts its journey from humble beginnings in 1959 to its pivotal role in managing the COVID-19 shock and pushing into fintech, digital banking, and cross-border QR payments.

With unmatched analytical depth, this report shows how each Governor – from the iron discipline of Tun Ismail Ali, to the cautionary excesses of the forex scandal, to the technocratic leadership of Dr. Zeti Akhtar Aziz – left distinct imprints on the institution. You’ll learn how Bank Negara wielded both orthodox and heterodox tools, including capital controls, Islamic finance reform, and macroprudential policies to stabilize and grow Malaysia’s financial system on its own terms.

This is a story of institutional resilience, credible leadership, and bold financial experimentation in the service of national development. Whether you’re a policymaker, student, investor, or just a curious Malaysian, this report offers rich insight into why a strong central bank matters — and how Bank Negara has helped shape not just Malaysia’s economy, but its identity.

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