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KUCHING, Sept 2: The proposal for Sarawak to establish its own currency is worth considering, said Sarawak United Peoples’ Party (SUPP) Stakan branch chairman Dato Sim Kiang Chiok, who drew parallels with the United Kingdom (UK) having its own currency in the European Union (EU) until their departure in 2020.
Sim highlighted this in expressing his support for Works Minister Dato Sri Alexander Nanta Linggi’s suggestion of introducing Sarawak’s currency so that Sarawak would not be bogged down by Peninsula Malaysia due to politicking over trivial issues while Sarawak’s economy continues to thrive.
“In my personal opinion, the proposed idea of setting up our Sarawak currency again can be considered.
“Sarawak is an independent State that once had its own currency. However, when we formed Malaysia, we did so to enhance security, bolster the economy, and ensure political stability for both Sarawak and Malaysia,” he said in a statement today.
Sim noted that over the past 60 years of being part of Malaysia, Sarawak has made significant economic progress, transforming into a modern region with robust security measures. Today, Sarawak is recognised as a high-income region accorded by the World Bank in the current year.
Furthermore, he added that Sarawak has successfully reclaimed many of its autonomous rights, as outlined in the Malaysia Agreement 1963 (MA63), which has been enshrined in the Malaysian Constitution, including the acknowledgement of the International Governmental Committee (IGC) report in 2021.
If this idea is pursued, Sim, who is also Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching branch chairman, said Sarawak could establish its own central bank, complete with checks and balances, along with a new currency.
“Given the high demand for our resources such as oil, gas, goods, services, green energy, and various other assets, this move would create demand for our proposed currency, thereby boosting foreign exchange reserves for Sarawak,” he explained.
However, Sim emphasised that achieving this would require unity and political strength in Sarawak to negotiate for these rights or devolution under MA63.
“Having our currency again may serve as a safeguard for our economy and businesses, insulating us from fluctuations in the Malayan economy. Finally, our own currency would enable us to safeguard the value of our savings and profits derived from our resources and services,” he added.
Sim made these remarks in response to Nanta’s comments during a special podcast titled ‘From Malaya to Malaysia: 60 Years,’ released yesterday (Sept 1) in collaboration with SinarDaily, Bual Studios, and Rena Sounds, as part of the celebration of Merdeka and Malaysia Day. — DayakDaily
