FEBRUARY 26 — Of late, there had been outright attacks on the independence of the Judiciary and statutory bodies such as Employees Provident Fund (EPF) and Bank Negara Malaysia (BNM). These provocations are worrisome and should not be tolerated at all.

These institutions hold extraordinary powers and thus must be insulated from day-to-day politics that focuses on short-term gain at the expense of our country’s long-term wellbeing. It is crucial to uphold these institutions’ independence to ensure that they can fulfil their mandates without interference. This is ultimately in our best interest. Furthermore, decisions made by these bodies and their rationales are also well documented and accessible to the public to be examined — whether it be the court’s judgement or BNM’s Monetary Policy Statement, all of which are readily available online. Even so, there are clearly defined avenues to challenge their decisions, but this should be done in good faith.

During the ancient Roman period, certain officials hold imperium — which provides them the power to do what’s best for Rome. They were essentially the embodiment of Rome itself and have legal immunity until the end of their term — they cannot be prosecuted at all when they are holding office. Similarly, our judges, as individuals, are also the embodiment of the Judiciary. Although a key difference is that they do not have immunity from investigation and prosecution, as ruled by the Federal Court. However, investigative and prosecution bodies should exercise caution and follow the protocol laid down by the court when handling such cases. They should not publicise news that puts the integrity of the Judiciary as a whole into question.

As for the Central Bank, it is bounded by the mandates set out in the Central Bank of Malaysia Act 2009. BNM is legally required to set OPR that is in our country’s best interest — to ensure prices are stable and our economy grows sustainably. Thus, it is crucial for BNM to have the independence to decide on the means (raising or lowering OPR) to achieve its mandates, as it is aligned with our best interest. This has also been substantiated by research, where countries with central banks that are more independent are associated with lower inflation. Looking back at ancient Rome, Roman coins were debased by some Emperors for short-term gain with little regards to the long-term implication of such action. This led to the late Roman Empire experiencing high levels of inflation, which some claimed, led to the fall of the Roman Empire. We wouldn’t want that happening to our money, right?

It is also important to remember that the laws that bound these institutions are a product of the democratic process, passed into law by our legislators with clearly defined mandates that lead to the best outcome for us in the long-term. So, let’s keep these institutions out of politics — for the best interest of our country.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.