Bank Negara Malaya - Managing Business

Table of Contents

Introduction        

Types of Management Elements Practiced in Bank Negara        

Planning        

Organizing        

Leading        

Controlling        

Social rensponsibility        

Conclusion        

Introduction

Bank Negara Tanah Melayu / Bank Negara Malaya was established on 26 January 1959.One of its main responsibilities is to supervise all activities of commercial bank in Malaysia through the Banking Ordinance 1958 which was superseded by Banking Act 1973.Bank Negara Malaysia is governed by the Central Bank of Malaysia Act 2009.The main purpose of this bank is to issues currency, acts as banker and adviser to the government of Malaysia and regulate the country’s financial instituations,credit system and monetary policy. With the formation of Malaysia on 16th September 1963,Bank Negara Tanah Melayu come to be known as Bank Negara Malaysia (BNM) or Central Bank of Malaysia. Its headquarters is located in Kuala Lumpur,the federal capital of Malaysia.

Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara also responsible for financial stability. This is achieved by developing a sound, resilent, progressive and diversified financial sector which serves to support the sectors of the real company. It also plays important functions in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.

Types of Management Elements Practiced in Bank Negara

Planning

Planning can be defined as the process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals. There are some terms that can used under planning. First is mission. Mission can reflect the philosophy and purpose of the organization as defined by top management. It also can be define as tends to deal with an organization’s present business scope and operations “who we are and what we do”. The other term is strategy. Strategy is a plan that use in order to achieve organization goals.Besides, each organization also has an objectives. Objectives mean organization goal that you are trying to achieve.

As I can see, from my research, Bank Negara also have their mission, strategy and objectives. The mission of Bank Negara Malaysia, as the Central Bank, is committed to excellence in promoting monetary and financial system stability and fostering a sound and progressive financial sector, to achieved sustained economic growth for the benefit of nation.

There are some strategies that use by Bank Negara Malaysia in other to achieved a mission. Firstly is promoting a work culture which emphasizes the highest standard of professionalism and integrity, prudence, teamwork and innovation. Another strategy is developing and maintaining a committed workforce which is highly competent and proactive, sensitive to the changing needs of the industry.Next, adopting a collaborative approach in everything we do. Bank Negara also, promoting the effective use of technology and good work practices to enhance productivity, efficiency and quality. They also adopting policies and practices to enhance the competitiveness of local financial institutions to face international competition.Besides, having the necessary financial resources and financial instruments to effectively manage monetary stability.

From my research, I also found their qbjectives.First objectives is issues currency and keep reserves safe guarding the values of the currency. They also act as a banker and financial adviser to the Government.Besides, promote monetary stability and a sound financial structure. Next is promote the reliable, efficient and smooth operation of national payment and settlement systems. They also want to ensure that the national payment and settlement systems policy is directed to the advantage of Malaysia and Influence the credit situation to the advantage of the country.

Organizing

Organizing is defined as arranging and structuring work to accomplish the goals.From my research,below is organizing structure in Bank Negara Malaysia

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