Bank Negara Malaysia (BNM) is the Malaysian central bank. Its headquarters is located in Kuala Lumpur, the capital of Malaysia and was established on 26 January 1959, to issue currency, act as banker and adviser to the Government and influence the country's credit situation. Mayor Datuk Ruslin Hasan District Kuala Lumpur District Area  - Total (City) 243. ... January 26 is the 26th day of the year in the Gregorian Calendar. ... 1959 (MCMLIX) was a common year starting on Thursday of the Gregorian calendar. ...

Governors

Since its inception there has been seven governors.

Historical events

• 1992: Bank Negara attempted to defend the value of the British pound against attempts by George Soros to devalue the pound sterling. George Soros won and BNM reportedly suffered losses of more than USD $4 Billion. [1]

• 1998: Bank Negara pegged 3.80 Ringgit to a US Dollar after George Soros devalued the Ringgit substantially depreciated during the Asian financial crisis.

• 2005: The central bank abandoned fixed exchange rate regime in favor of managed floating exchange rate system an hour after China floated its own currency, resulting in capital flight of more than USD 10 billion. Bank continues to run negative interest rate differential to USD. Ringgit continues to trade within 1% of abandoned fixed rate.

George Soros George Soros (born August 12, 1930 in Budapest, Hungary as Schwartz György) is a financial speculator, stock investor, philanthropist, and political activist. ... The ringgit (unofficially known as the Malaysian dollar), is the official monetary unit of Malaysia. ... The United States dollar is the official currency of the United States. ... George Soros George Soros (born August 12, 1930 in Budapest, Hungary as Schwartz György) is a financial speculator, stock investor, philanthropist, and political activist. ... The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency (most often the US dollar), to a basket of other currencies, or to another measure of value... A floating exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ... Seen in Asian markets in the 1990s capital flight is when assets and/or money rapidly flow out of a country. ...

See Also

Malaysian Ringgit The Malaysian ringgit (unofficially known as the Malaysian dollar), is the official monetary unit of Malaysia. ...

External links

• Bank Negara Malaysia official website.