KUCHING: The idea of Sarawak having its own currency can be considered, said Sarawak United People’s Party (SUPP) Stakan chairman Datuk Sim Kiang Chiok.
He said Sarawak can be similar to the United Kingdom which had its own currency while being part of the European Union (EU) until its departure from the EU in 2020.
“Sarawak can set up its own central bank with its own check and balance and with its own new currency.
“Having our own currency again may shield or buffer our economy and business from good or bad situations in Malaya,” he said.
He said this in response to Works Minister Datuk Seri Alexander Nanta Linggi’s remarks on the possibility of the state introducing its own currency considering the unpredictable economic conditions in Malaysia.
“In my personal opinion, Sarawak is an independent state that used to have its own currency. Since we have formed Malaysia we have then decided to be federated to improve security, have a bigger economy and stable politics for Sarawak and Malaysia.
“Since we have formed Malaysia for 60 years, we have moved forward economically, with good security and developed into a modern country.
“Sarawak has also begun to restore our autonomous rights in certain matters under the Malaysia Agreement 1963 (MA63) and have amended Malaysia Constitution to incorporate all the MA63 and other agreements in 2021,” he said.
Sim further said with Sarawak’s own currency, it will allow the state to protect the value of its savings and gains from resources and services.
“We have our demand for our minerals such as oil and gas, goods and services, green energy, and others and that would create demand for our new proposed currency and bring in foreign exchange for our state as well,” he said.
For Sarawak to have its own currency, he also said the state must be united and strong politically and to continue to ask for the rights or devolution of powers to the state under the MA63.
