117-467: Putrajaya ( Malay pronunciation: [putraˈdʒaja, putrəˈdʒajə] ), officially the Federal Territory of Putrajaya ( Malay : Wilayah Persekutuan Putrajaya ; Jawi : ولايه ڤرسکوتوان ڤوتراجاي ), is the administrative centre of Malaysia . The seat of the federal government of Malaysia was moved in 1999 from Kuala Lumpur to Putrajaya because of overcrowding and congestion, whilst
234-525: A ripple effect through the financial system and the economy (as well as any connected economies) as a whole. The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies . Malaysian Prime Minister Mahathir Mohamad accused George Soros and other currency traders of ruining Malaysia's economy with currency speculation . Soros claims to have been
351-479: A buyer of the ringgit during its fall, having sold it short in 1997. At the 30th ASEAN Ministerial Meeting held in Subang Jaya , Malaysia , the foreign ministers issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard. Coincidentally, on that same day, the central bankers of most of
468-613: A few electric buses . The bus service serves the entirety of Putrajaya as well as Cyberjaya and provides express bus routes to Kuala Lumpur through Puduraya and a few other nearby cities from its hubs at Putrajaya Sentral , and P&R Presint 14. Bus stops in Putrajaya are very common too and serves Nadi Putra . Rapid KL , Causeway Link and Cityliner also provides bus services to other areas from Putrajaya Sentral such as Banting , Puchong , Bandar Utama and Petaling Jaya . Intercity buses also serve bus routes from Putrajaya Sentral to
585-565: A further decline in South Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motor Company took over Kia Motors. Samsung Motors ' $ 5 billion venture
702-493: A general loss of demand and confidence throughout the region. Although most of the governments of Asia had seemingly sound fiscal policies , the International Monetary Fund (IMF) stepped in to initiate a $ 40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. However, the efforts to stem a global economic crisis did little to stabilize
819-504: A greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from
936-425: A high rate of return . As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and World Bank , and
1053-511: A highly leveraged economic climate, and pushed up asset prices to an unsustainable level, particularly those in non-productive sectors of the economy such as real-estate. These asset prices eventually began to collapse, causing individuals and companies to default on debt obligations. The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money,
1170-407: A large number of Indonesian corporations had been borrowing in U.S. dollars. This practice had worked well for these corporations during the preceding years, as the rupiah had strengthened respective to the dollar; their effective levels of debt and financing costs had decreased as the local currency's value rose. In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened
1287-462: A largely uncontrolled manner to certain people only – not necessarily the best suited or most efficient, but those closest to the centers of power. Weak corporate governance also led to inefficient investment and declining profitability. Until 1999, Asia attracted almost half of the total capital inflow into developing countries . The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for
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#17330558984321404-555: A mid vowel [e, o] . Orthographic note : both /e/ and /ə/ are written with ⟨e⟩ . Orthographic /e, o/ are relatively rare, so the letter ⟨e⟩ usually represents /ə/ . There are some homographs; for example, perang is used for both /pəraŋ/ "war" and /peraŋ ~ piraŋ/ "blond". (In Indonesia, "blond" may be written perang or pirang .) Some analyses regard /ai, au, oi/ as diphthongs. However, [ai] and [au] can only occur in open syllables, such as cukai ("tax") and pulau ("island"). Words with
1521-434: A phonetic diphthong in a closed syllable, such as baik ("good") and laut ("sea"), are actually two syllables. An alternative analysis therefore treats the phonetic diphthongs [ai] , [au] and [oi] as a sequence of a monophthong plus an approximant: /aj/ , /aw/ and /oj/ respectively. There is a rule of vowel harmony : the non-open vowels /i, e, u, o/ in bisyllabic words must agree in height, so hidung ("nose")
1638-473: A result of the crisis. Following the 1997 Asian financial crisis, income in the northeast, the poorest part of the country, rose by 46 percent from 1998 to 2006. Nationwide poverty fell from 21.3 to 11.3 percent. Thailand's Gini coefficient , a measure of income inequality , fell from .525 in 2000 to .499 in 2004 (it had risen from 1996 to 2000) versus 1997 Asian financial crisis. By 2001, Thailand's economy had recovered. The increasing tax revenues allowed
1755-542: A result of the crisis. In May 1997, the Bangko Sentral ng Pilipinas , the country's central bank, raised interest rates by 1.75 percentage points and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso , raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at
1872-431: A root word ( affixation ), formation of a compound word (composition), or repetition of words or portions of words ( reduplication ). Nouns and verbs may be basic roots, but frequently they are derived from other words by means of prefixes , suffixes and circumfixes . Malay does not make use of grammatical gender , and there are only a few words that use natural gender; the same word is used for 'he' and 'she' which
1989-473: A series of bailouts ("rescue packages") for the most-affected economies to enable them to avoid default , tying the packages to currency, banking and financial system reforms. Due to IMF's involvement in the financial crisis, the term IMF Crisis became a way to refer to the Asian Financial Crisis in countries that were affected. The IMF's support was conditional on a series of economic reforms,
2106-574: A substantial amount of money to Selangor for approximately 11,320 acres (45.8 km) of land in Prang Besar, Selangor . As a result of this land purchase, Selangor now surrounds two federal territories: Kuala Lumpur and Putrajaya. Planned as a garden city and an intelligent city , 38% of the area is green spaces in which the natural landscape is enhanced. The plan incorporated a network of open spaces and wide boulevards. Construction began in August 1995; it
2223-494: A temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency.... From the then IMF managing director Michel Camdessus : To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations. From 1985 to 1996, Thailand's economy grew at an average of over 9% per year,
2340-450: Is dia or for 'his' and 'her' which is dia punya . There is no grammatical plural in Malay either; thus orang may mean either 'person' or 'people'. Verbs are not inflected for person or number, and they are not marked for tense; tense is instead denoted by time adverbs (such as 'yesterday') or by other tense indicators, such as sudah 'already' and belum 'not yet'. On the other hand, there
2457-456: Is a complex system of verb affixes to render nuances of meaning and to denote voice or intentional and accidental moods . Malay does not have a grammatical subject in the sense that English does. In intransitive clauses, the noun comes before the verb. When there is both an agent and an object , these are separated by the verb (OVA or AVO), with the difference encoded in the voice of the verb. OVA, commonly but inaccurately called "passive",
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#17330558984322574-430: Is allowed but * hedung is not. Pronunciation Pronunciation Pronunciation Study by Uri Tadmor which was published in 2003 shows that mutation of ⟨a⟩ in final open syllable is an areal feature. Specifically, it is an areal feature of Western Austronesia. Uri Tadmor classify those types into four groups as below. Malay is an agglutinative language , and new words are formed by three methods: attaching affixes onto
2691-457: Is also a part of MSC Malaysia , a special economic zone that covers Klang Valley . Putrajaya was named after the first Prime Minister of Malaysia , Tunku Abdul Rahman Putra Al-Haj . The name is derived from the Sanskrit language , which was then adopted into Malay ; "putra" (पुत्र) means son and "jaya" (जया) means "success" or "victory"; hence Putrajaya means victorious men or people. The name
2808-526: Is designated as either Bahasa Malaysia (" Malaysian ") or also Bahasa Melayu ("Malay language"); in Singapore and Brunei, it is called Bahasa Melayu ("Malay language"); in Indonesia, an autonomous normative variety called Bahasa Indonesia (" Indonesian language ") is designated the bahasa persatuan/pemersatu ("unifying language" or lingua franca ) whereas the term "Malay" ( bahasa Melayu )
2925-477: Is divided into Bornean and Sumatran Malay; some of the most widely spoken Sumatran Malay dialects are Riau Malay , Langkat , Palembang Malay and Jambi Malay . Minangkabau , Kerinci and Bengkulu are believed to be Sumatran Malay descendants. Meanwhile, the Jakarta dialect (known as Betawi ) also belongs to the western Malay group. The eastern varieties, classified either as dialects or creoles , are spoken in
3042-477: Is domestically restricted to vernacular varieties of Malay indigenous to areas of Central to Southern Sumatra and West Kalimantan . Classical Malay , also called Court Malay, was the literary standard of the pre-colonial Malacca and Johor Sultanates and so the language is sometimes called Malacca, Johor or Riau Malay (or various combinations of those names) to distinguish it from the various other Malayic languages . According to Ethnologue 16, several of
3159-623: Is not a tonal language . The consonants of Malaysian and also Indonesian are shown below. Non-native consonants that only occur in borrowed words, principally from Arabic, Dutch and English, are shown in brackets. Orthographic note : The sounds are represented orthographically by their symbols as above, except: Loans from Arabic : Malay originally had four vowels, but in many dialects today, including Standard Malay, it has six, with /i/ split into /i, e/ and /u/ split into /u, o/ . Many words are commonly pronounced variably, with either [i, u] or [e, o] , and relatively few words require
3276-554: Is not readily intelligible with the standard language , and the same is true with some lects on the Malay Peninsula such as Kedah Malay . However, both Brunei and Kedah are quite close. Malay is now written using the Latin script , known as Rumi in Brunei, Malaysia and Singapore or Latin in Indonesia, although an Arabic script called Arab Melayu or Jawi also exists. Latin script
3393-642: Is official in Malaysia, Singapore, and Indonesia. Malay uses Hindu-Arabic numerals . Rumi (Latin) and Jawi are co-official in Brunei only. Names of institutions and organisations have to use Jawi and Rumi (Latin) scripts. Jawi is used fully in schools, especially the religious school, sekolah agama , which is compulsory during the afternoon for Muslim students aged from around 6–7 up to 12–14. Efforts are currently being undertaken to preserve Jawi in Malaysia, and students taking Malay language examinations in Malaysia have
3510-574: Is provided by a few schools such as: There are also two elite fully residential schools in Putrajaya: Other universities: International Schools Putrajaya is surrounded by federal highways 29 on the western side and 30 on the eastern side. The South Klang Valley Expressway E26, connecting Pulau Indah to Kajang , runs through the northern end of Putrajaya. ELITE E6 exit 607 serves Putrajaya and also nearby Cyberjaya . Highway 29 interchanges with Damansara–Puchong Expressway (LDP) E11 in
3627-515: Is similar to Kelantanese Malay, but the language has no official status or recognition. Owing to earlier contact with the Philippines , Malay words—such as dalam hati (sympathy), luwalhati (glory), tengah hari (midday), sedap (delicious)—have evolved and been integrated into Tagalog and other Philippine languages . By contrast, Indonesian has successfully become the lingua franca for its disparate islands and ethnic groups, in part because
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3744-404: Is spoken by 290 million people (around 260 million in Indonesia alone in its own literary standard named " Indonesian ") across Maritime Southeast Asia . The language is pluricentric and a macrolanguage , i.e., several varieties of it are standardized as the national language ( bahasa kebangsaan or bahasa nasional ) of several nation states with various official names: in Malaysia, it
3861-671: Is the basic and most common word order. The Malay language has many words borrowed from Arabic (in particular religious terms), Sanskrit , Tamil , certain Sinitic languages , Persian (due to historical status of Malay Archipelago as a trading hub), and more recently, Portuguese , Dutch and English (in particular many scientific and technological terms). There is a group of closely related languages spoken by Malays and related peoples across Brunei , Indonesia , Malaysia , Singapore , Southern Thailand , Kampung Alor in East Timor , and
3978-517: Is the lack of possessive pronouns (and suffixes) in eastern dialects. Manado uses the verb pe and Ambon pu (from Malay punya 'to have') to mark possession. So 'my name' and 'our house" are translated in western Malay as namaku and rumah kita but kita pe nama and torang pe rumah in Manado and beta pu nama , katong pu rumah in Ambon dialect. The pronunciation may vary in western dialects, especially
4095-601: Is today Putrajaya, along with adjacent Cyberjaya , was under the administration of Hulu Langat District . The vision of a new Federal Government Administrative Centre to replace Kuala Lumpur as the administrative capital emerged in the late 1980s, during the tenure of Malaysia's fourth prime minister, Mahathir bin Mohamad . A new city adjacent to Kuala Lumpur was envisioned, where the government would systematically locate its government offices within an efficient administrative hub; as opposed having government offices scattered across
4212-553: The lingua franca of the region during the Malacca Sultanate era (1402–1511). It was the period the Malay language developed rapidly under the influence of Islamic literature. The development changed the nature of the language with massive infusion of Arabic , Sanskrit , and Tamil vocabularies, called Classical Malay . Under the Sultanate of Malacca the language evolved into a form recognisable to speakers of modern Malay. When
4329-608: The Cham alphabet are used by the Chams of Vietnam and Cambodia . Old Malay was written using Pallava and Kawi script, as evident from several inscription stones in the Malay region. Starting from the era of kingdom of Pasai and throughout the golden age of the Malacca Sultanate, Jawi gradually replaced these scripts as the most commonly used script in the Malay region. Starting from the 17th century, under Dutch and British influence, Jawi
4446-622: The Dewan Rakyat , under the seat of Putrajaya , as well as one appointed senator in the Dewan Negara . As with the other federal territories of Malaysia, Putrajaya does not have a territorial legislature. In 2007 the population of Putrajaya was estimated to be over 30,000, which comprised mainly government servants. Government public servants have been encouraged to relocate to the city through various government subsidy and loan programs. The population had increased to 88,300 by 2015. As of Q1 2024,
4563-565: The Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to " junk bond ". Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by
4680-604: The Latin American debt crisis . The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession , the traditional Keynesian response was to increase government spending, prop up major companies, and lower interest rates. The reasoning was that by stimulating the economy and staving off recession , governments could restore confidence while preventing economic loss . They pointed out that
4797-693: The Yang di-Pertuan Agong (King) of Malaysia. Foreign embassies and missions except Brunei still remain in Kuala Lumpur. The local government in Putrajaya is the responsibility of the Putrajaya Corporation ( Perbadanan Putrajaya ), a unique local authority. Previously it was administered by the Sepang District Council . Putrajaya is represented in the Parliament of Malaysia by one elected MP in
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4914-428: The exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and intervened in the exchange market, buying up any excess domestic currency at
5031-455: The fixed exchange rate with foreign reserves . Neither of these policy responses could be sustained for long, as several countries had insufficient levels of foreign exchange reserves. Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that
5148-472: The " structural adjustment package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency , penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in
5265-432: The "General Agreement to Borrow" and the "Emergency Finance Mechanism". The scope and the severity of the collapses led to an urgent need for outside intervention. Since the countries melting down were among the richest in their region, and in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international. The International Monetary Fund created
5382-472: The 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s. Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of credit that became available generated
5499-440: The 1990s, Putrajaya was envisioned to be “a laboratory for a new form of electronic government" that would emphasize new adoption of, investment in internet, media, and digital communications. The development of Putrajaya began in August 1995 and was completed at an estimated cost of US$ 8.1 billion. On 1 February 2001, Putrajaya became Malaysia's third federal territory , after Kuala Lumpur in 1974 and Labuan in 1984. Putrajaya
5616-491: The 1990s, hot money flew into the Southeast Asia region through financial hubs , especially Hong Kong. The investors were often ignorant of the actual fundamentals or risk profiles of the respective economies, and once the crisis gripped the region, the political uncertainty regarding the future of Hong Kong as an Asian financial centre led some investors to withdraw from Asia altogether. This shrink in investments only worsened
5733-549: The IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations... Why not operate with lower interest rates and
5850-1093: The Malayic languages spoken by the Orang Asli ( Proto-Malay ) in Malaya . They are Jakun , Orang Kanaq , Orang Seletar , and Temuan . The other Malayic languages, included in neither of these groups, are associated with the expansion of the Malays across the archipelago. They include Riau-Johor Malay ( Malaysian and Indonesian ), Kedah Malay , Kedayan/Brunei Malay , Berau Malay , Bangka Malay , Jambi Malay , Kutai Malay , Natuna Malay, Riau Malay , Loncong , Pattani Malay , and Banjarese . Menterap may belong here. There are also several Malay-based creole languages , such as Betawi , Cocos Malay , Makassar Malay , Ambonese Malay , Dili Malay , Kupang Malay , Manado Malay , Papuan Malay , Pattani Malay , Satun Malay , Songkhla Malay , Bangkok Malay , and Sabah Malay , which may be more or less distinct from standard (Malaccan) Malay. Due to
5967-498: The Malayic varieties they currently list as separate languages, including the Orang Asli varieties of Peninsular Malay , are so closely related to standard Malay that they may prove to be dialects. There are also several Malay trade and creole languages (e.g. Ambonese Malay ) based on a lingua franca derived from Classical Malay as well as Makassar Malay , which appears to be a mixed language . Malay historical linguists agree on
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#17330558984326084-905: The Old Malay language was found in Sumatra , Indonesia, written in the Pallava variety of the Grantha alphabet and is dated 1 May 683. Known as the Kedukan Bukit inscription , it was discovered by the Dutchman M. Batenburg on 29 November 1920 at Kedukan Bukit, South Sumatra , on the banks of the Tatang, a tributary of the Musi River . It is a small stone of 45 by 80 centimetres (18 by 31 in). For centuries, Srivijaya , through its expansion, economic power and military prowess,
6201-604: The Philippines dropped to virtually zero. Only Singapore proved relatively insulated from the shock, but nevertheless suffered serious hits in passing, mainly due to its status as a major financial hub and its geographical proximity to Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the crisis, economies in East and Southeast Asia worked together toward financial stability and better financial supervision. The causes of
6318-600: The Putrajaya government signed a letter of intent (LOI) with the government of Sejong City in South Korea to mark co-operation between the two cities. Government ministries and bodies remaining in Kuala Lumpur include the Ministry of Investment, Trade and Industry (MITI), Ministry of Defence (MINDEF) and Ministry of Works (KKR), as well as Bank Negara Malaysia , Royal Malaysian Police and Malayan Railways . The Parliament of Malaysia also remained in Kuala Lumpur, as well as
6435-464: The U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis. Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down
6552-587: The USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis. Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in
6669-467: The United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At
6786-570: The affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the "New Arrangement to Borrow" operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto , Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under
6903-401: The chain objectives of tightened money supply , discouraged currency speculation , stabilized exchange rate, curbed currency depreciation, and ultimately contained inflation . In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows: From then IMF First Deputy managing director, Stanley Fischer in 1998: When their governments "approached
7020-519: The city was formally transferred to the federal government and declared Malaysia's third federal territory. In 2002, KLIA Transit rail line was opened, linking Putrajaya to KLIA in Sepang . The construction of the Putrajaya Monorail , which was intended to be the city's metro system, was suspended owing to high costs. One of the monorail suspension bridges in Putrajaya remains unused. In April 2013,
7137-549: The colonial language, Dutch, is no longer commonly spoken. (In East Timor , which was governed as a province of Indonesia from 1976 to 1999, Indonesian is widely spoken and recognized under its Constitution as a 'working language'.) Besides Indonesian , which developed from the Riau Malay dialect, there are many Malay varieties spoken in Indonesia; they are divided into western and eastern groups. Western Malay dialects are predominantly spoken in Sumatra and Borneo , which itself
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#17330558984327254-419: The congested Kuala Lumpur. The new city was proposed to be located between Kuala Lumpur and the new Kuala Lumpur International Airport (KLIA). Two areas were proposed: Prang Besar and Janda Baik of Pahang . The new name Putrajaya was chosen for the site. The federal government negotiated with the state of Selangor on the prospect of another federal territory. In the mid-1990s, the federal government paid
7371-725: The constitution as one of two working languages (the other being English ), alongside the official languages of Tetum and Portuguese . The extent to which Malay is used in these countries varies depending on historical and cultural circumstances. Malay is the national language in Malaysia by Article 152 of the Constitution of Malaysia , and became the sole official language in Peninsular Malaysia in 1968 and in East Malaysia gradually from 1974. English continues, however, to be widely used in professional and commercial fields and in
7488-472: The country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. The Thai baht continued to appreciate to 29 Baht to the U.S. dollar in October 2010. In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $ 900 million, huge foreign exchange reserves of more than $ 20 billion, and a good banking sector. However,
7605-611: The country, many factors arising from all aspects, including sports broadcasting on Indonesian television, including: Additionally, the Indonesian motorcycle Grand Prix , which was held at Sentul , was dropped from the 1998 Superbike and MotoGP calendars. World Rally Championship also dropped the Rally Indonesia from their 1998 calendar . The banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there
7722-853: The countryside and 600,000 foreign workers being sent back to their home countries. The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the U.S. dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed. On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $ 17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August 1997, another bailout package of $ 2.9 billion. Poverty and inequality increased while employment, wages and social welfare all declined as
7839-432: The course of a yearly period, the rainfall averages 2307 mm in Putrajaya, which is approximately 90.8 inches. Malay language Malay ( / m ə ˈ l eɪ / mə- LAY ; Malay: Bahasa Melayu , Jawi : بهاس ملايو ) is an Austronesian language that is an official language of Brunei , Indonesia , Malaysia , and Singapore . It is also spoken in East Timor and parts of Thailand . Altogether, it
7956-505: The court moved to establish the Johor Sultanate, it continued using the classical language; it has become so associated with Dutch Riau and British Johor that it is often assumed that the Malay of Riau is close to the classical language. However, there is no closer connection between Malaccan Malay as used on Riau and the Riau vernacular. Among the oldest surviving letters written in Malay are
8073-412: The crisis spread, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt . Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea,
8190-426: The debacle are many and disputed. Thailand's economy developed into an economic bubble fueled by hot money . More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called " crony capitalism ". The short-term capital flow was expensive and often highly conditioned for quick profit . Development money went in
8307-630: The domestic situation in Indonesia. After 30 years in power, Indonesian President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah . The effects of the crisis lingered through 1998, where many important stocks fell in Wall Street as a result of a dip in the values of the currencies of Russia and Latin American countries that weakened those countries' "demand for U.S. exports." In 1998, growth in
8424-420: The earliest evidence of Jawi writing in the Malay world of Southeast Asia, and was one of the oldest testimonies to the advent of Islam as a state religion in the region. It contains the proclamation issued by a ruler of Terengganu known as Seri Paduka Tuan, urging his subjects to extend and uphold Islam and providing 10 basic Sharia laws for their guidance. The classical Malay language came into widespread use as
8541-481: The early settlement of a Cape Malay community in Cape Town , who are now known as Coloureds , numerous Classical Malay words were brought into Afrikaans . The extent to which Malay and related Malayan languages are used in the countries where it is spoken varies depending on historical and cultural circumstances. Malay is the national language in Malaysia by Article 152 of the Constitution of Malaysia , and became
8658-474: The eastern part of the Malay or Nusantara archipelago and include Makassar Malay , Manado Malay , Ambonese Malay , North Moluccan Malay , Kupang Malay , Dili Malay , and Papuan Malay . The differences among both groups are quite observable. For example, the word kita means 'we, us' in western, but means 'I, me' in Manado, whereas 'we, us" in Manado is torang and Ambon katong (originally abbreviated from Malay kita orang 'we people'). Another difference
8775-675: The economic environment. The devaluation of the Chinese renminbi and the Japanese yen , subsequent to the latter's strengthening due to the Plaza Accord of 1985, the raising of U.S. interest rates which led to a strong U.S. dollar, and the sharp decline in semiconductor prices, all adversely affected their growth. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation . This made
8892-637: The end of Srivijayan rule in Sumatra . The laws were for the Minangkabau people , who today still live in the highlands of Sumatra , Indonesia . Terengganu Inscription Stone (Malay: Batu Bersurat Terengganu ; Jawi: باتو برسورت ترڠݢانو ) is a granite stele carrying inscription in Jawi script that was found in Terengganu, Malaysia is the earliest evidence of classical Malay inscription. The inscription, dated possibly to 702 AH (corresponds to 1303 CE), constituted
9009-590: The far southern parts of the Philippines . They have traditionally been classified as Malay, Para-Malay, and Aboriginal Malay, but this reflects geography and ethnicity rather than a proper linguistic classification. The Malayic languages are mutually intelligible to varying extents, though the distinction between language and dialect is unclear in many cases. Para-Malay includes the Malayic languages of Sumatra . They are: Minangkabau , Central Malay (Bengkulu), Pekal , Talang Mamak , Musi (Palembang), Negeri Sembilan (Malaysia), and Duano’ . Aboriginal Malay are
9126-496: The financial conditions in Asia (subsequently leading to the depreciation of the Thai baht on 2 July 1997). Several case studies on the topic of the application of network analysis of a financial system help to explain the interconnectivity of financial markets , as well as the significance of the robustness of hubs (or main nodes). Any negative externalities in the hubs creates
9243-497: The future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced. There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In addition, financial systems were to become "transparent", that is, provide
9360-404: The highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%. The baht was pegged at 25 to the U.S. dollar. On 14 and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht. However, Thailand lacked the foreign reserves to support
9477-467: The international financial community. Later that year, in July, South Korea's third-largest car maker, Kia Motors , asked for emergency loans. The domino effect of collapsing large South Korean companies drove the interest rates up and international investors away. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to
9594-549: The island of Taiwan . The history of the Malay language can be divided into five periods: Old Malay, the Transitional Period, the Classical Malay, Late Modern Malay and Modern Malay. Old Malay is believed to be the actual ancestor of Classical Malay. Old Malay was influenced by Sanskrit, the classical language of India . Sanskrit loan words can be found in Old Malay vocabulary. The earliest known stone inscription in
9711-492: The kind of financial information used in the West to make financial decisions. As countries fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were similar to that of
9828-746: The languages' words for kinship, health, body parts and common animals. Numbers, especially, show remarkable similarities. Within Austronesian, Malay is part of a cluster of numerous closely related forms of speech known as the Malayic languages , which were spread across Malaya and the Indonesian archipelago by Malay traders from Sumatra. There is disagreement as to which varieties of speech popularly called "Malay" should be considered dialects of this language, and which should be classified as distinct Malay languages. The vernacular of Brunei— Brunei Malay —for example,
9945-454: The letters from Sultan Abu Hayat of Ternate , Maluku Islands in present-day Indonesia , dated around 1521–1522. The text is addressed to the king of Portugal , following contact with Portuguese explorer Francisco Serrão . The letters show sign of non-native usage; the Ternateans used (and still use) the unrelated Ternate language , a West Papuan language , as their first language . Malay
10062-577: The likelihood of the Malayic homeland being in western Borneo . A form known as Proto-Malayic was spoken in Borneo at least by 1000 BCE, it has been argued to be the ancestral language of all subsequent Malayic languages . Its ancestor, Proto-Malayo-Polynesian , a descendant of the Proto-Austronesian language , began to break up by at least 2000 BCE, possibly as a result of the southward expansion of Austronesian peoples into Maritime Southeast Asia from
10179-426: The northern states. Putrajaya is twinned with these cities: Putrajaya has a tropical rainforest climate (Af) with heavy rainfall year-round and high temperatures throughout the year. As is typical of cities, towns, and other geographical regions with this climate, Putrajaya does not have a true dry season . The average temperature in Putrajaya is 27.1 °C, which is measured at approximately 80.8 °F. Over
10296-406: The northwestern corner of Putrajaya, linking the city with Puchong , Subang Jaya , Kelana Jaya and to Kepong . Within Putrajaya, the following roads serve as the main thoroughfares of the city. Putrajaya is served by two urban rail lines: the 7 KLIA Transit line and the 12 Putrajaya Line through the KT3 PY41 Putrajaya Sentral transportation hub on
10413-431: The option of answering questions using Jawi. The Latin script, however, is the most commonly used in Brunei and Malaysia, both for official and informal purposes. Historically, Malay has been written using various scripts. Before the introduction of Arabic script in the Malay region, Malay was written using the Pallava , Kawi and Rencong scripts; these scripts are no longer frequently used, but similar scripts such as
10530-443: The path of "fast-track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract portfolio investment and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk. The conventional high-interest-rate economic strategy is normally employed by monetary authorities to attain
10647-413: The population of Putrajaya is estimated to be 119,700. As of 2020, the population of Putrajaya is 97.2% Muslim , 1.1% Hindu , 0.8% Christian , 0.5% Buddhist , 0.4% unknown and 0.1% other religions. Most of the infrastructure in Putrajaya uses Middle Eastern architectural designs, which symbolises Malaysian Islamic Identity. Kindergarten and Pre-School Primary & Secondary Education in Putrajaya
10764-537: The program, 787 insolvent financial institutions were closed or merged by June 2003. The number of financial institutions in which foreign investors invested has increased rapidly. Examples include New Bridge Capital's takeover of Korea First Bank. The South Korean won , meanwhile, weakened to more than 1,700 per U.S. dollar from around 800, but later managed to recover. However, like the chaebol, South Korea's government did not escape unscathed. Its national debt -to-GDP ratio more than doubled (approximately 13% to 30%) as
10881-601: The pronunciation of words ending in the vowel 'a'. For example, in some parts of Malaysia and in Singapore, kita (inclusive 'we, us, our') is pronounced as /kitə/ , in Kelantan and Southern Thailand as /kitɔ/ , in Riau as /kita/ , in Palembang as /kito/ , in Betawi and Perak as /kitɛ/ and in Kedah and Perlis as /kitɑ/. 1997 Asian financial crisis The 1997 Asian financial crisis
10998-461: The rate was almost exactly 8,000 to 1 U.S. dollar. Indonesia lost 13.5% of its GDP that year. In February 1998, President Suharto sacked the incumbent Bank Indonesia governor, J. Soedradjad Djiwandono , but this proved insufficient. Amidst widespread rioting in May 1998 , Suharto resigned under public pressure and Vice President B. J. Habibie replaced him. As a result of the financial crisis that hit
11115-555: The ratios rose from 13% to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise. South Korea , Indonesia and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Japan , Singapore , Taiwan , and Vietnam were less affected, although all suffered from
11232-405: The role of asymmetric information in the financial markets that led to a " herd mentality " among investors that magnified a small risk in the real economy. The crisis has thus attracted attention from behavioral economists interested in market psychology . Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July 1997 . During
11349-408: The role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs pointed to strict monetary and contractionary fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to
11466-497: The rupiah currency trading band from 8% to 12%. As a result, the rupiah suddenly came under severe attack in August. Therefore, on the 14th of the month, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further due to the shift. The IMF came forward with a rescue package of $ 23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and
11583-458: The rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar. The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998,
11700-448: The same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation. China had begun to compete effectively with other Asian exporters particularly in
11817-453: The seat of the judiciary of Malaysia was later moved to Putrajaya in 2003. Kuala Lumpur remains as Malaysia's national capital city per the constitution and is still the seat of the head of state (Yang di-Pertuan Agong) and the national legislature ( Parliament of Malaysia ), as well as being the country's commercial and financial centre. The establishment of Putrajaya was the idea of Prime Minister Mahathir Mohamad . First thought of in
11934-583: The sole official language in West Malaysia in 1968, and in East Malaysia gradually from 1974. English continues, however, to be widely used in professional and commercial fields and in the superior courts. Other minority languages are also commonly used by the country's large ethnic minorities. The situation in Brunei is similar to that of Malaysia. In Singapore, Malay was historically the lingua franca among people of different nationalities. Although this has largely given way to English, Malay still retains
12051-435: The status of national language and the national anthem , Majulah Singapura , is entirely in Malay. In addition, parade commands in the military, police and civil defence are given only in Malay. Most residents of the five southernmost provinces of Thailand —a region that, for the most part, used to be part of an ancient Malay kingdom called Pattani —speak a dialect of Malay called Yawi (not to be confused with Jawi), which
12168-536: The superior courts. Other minority languages are also commonly used by the country's large ethnic minorities. The situation in Brunei is similar to that in Malaysia. In the Philippines , Indonesian is spoken by the overseas Indonesian community concentrated in Davao City . Functional phrases are taught to members of the Armed Forces of the Philippines as well as local students. Malay, like most Austronesian languages,
12285-466: The tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float . The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis. Other economists, including Joseph Stiglitz and Jeffrey Sachs , have downplayed
12402-676: The western border of Putrajaya. The MRT Putrajaya Line is Malaysia's fifth metro line, and the longest in the Rapid Rail network, with Putrajaya Sentral being the southern most station in the network. The KLIA Transit is one of Malaysia's two operational airport rail links , connecting KL Sentral in Kuala Lumpur to its international airport , calling at 3 stations in between including Putrajaya. The national rail network Keretapi Tanah Melayu (KTM) does not serve Putrajaya. The cancelled HSR Kuala Lumpur–Singapore High Speed Rail
12519-508: Was Malaysia's biggest project and one of Southeast Asia's largest, with an estimated final cost of US$ 8.1 billion. The entire project was designed and constructed by Malaysian companies, with only 10% imported materials. The 1997 Asian financial crisis somewhat slowed the development of Putrajaya. 300 members of the Prime Minister's office staff moved there in 1999, and the remaining government servants moved in 2005. On 1 February 2001,
12636-574: Was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The chaebol , South Korean conglomerates, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers. Amongst other stimuli, the crisis resulted in the bankruptcy of major Korean companies, provoking not only corporations, but also government officials towards corruption. The Hanbo scandal of early 1997 exposed South Korea's economic weaknesses and corruption problems to
12753-470: Was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion . However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. Originating in Thailand, where it
12870-454: Was decided in late 1994. Prang Besar ( Jawi : ڤراڠ بسر , alternately Perang Besar ( Malay for "Great War"), was founded in 1921 on land that was jungle, as a rubber plantation by British veterans of World War I , hence its name. Its land area of 800 acres (3.2 km) expanded to 8,000 acres (32 km), and was merged with surrounding estates, including Estet Raja Alang, Estet Galloway and Estet Bukit Prang. Until 1975, what
12987-501: Was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors (GM). The International Monetary Fund (IMF) provided US$ 58.4 billion as a bailout package. In return, Korea was required to take restructuring measures. The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent. In addition, the Korean government started financial sector reform program. Under
13104-452: Was gradually replaced by the Rumi script. Malay is spoken in Brunei , Indonesia , Malaysia , East Timor , Singapore and southern Thailand . Indonesia regulates its own normative variety of Malay, while Malaysia and Singapore use a common standard. Brunei, in addition to Standard Malay, uses a distinct vernacular dialect called Brunei Malay . In East Timor , Indonesian is recognised by
13221-402: Was known as part of the " Asian economic miracle ". In the mid-1990s, Thailand , Indonesia and South Korea had large private current account deficits, and the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, a series of external shocks began to change
13338-482: Was known as the Tom Yum Kung crisis ( Thai : วิกฤตต้มยำกุ้ง ) on 2 July, it followed the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar . Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt . As
13455-550: Was meant to serve Putrajaya with a station at Kampung Dato Abu Bakar Baginda, about halfway between Precinct 14 and Bandar Baru Bangi . Around 2003, plans for a monorail in Putrajaya were underway but were halted due to low population. Plans to revive the construction of the 14 Putrajaya Monorail , with proposed connections to Kajang , Bandar Baru Bangi and Cyberjaya , have not yet materialised. Putrajaya Corporation provides its own stage bus services through its subsidiary Nadi Putra using natural gas-powered buses and
13572-585: Was responsible for the widespread of Old Malay throughout the Malay Archipelago . It was the working language of traders and it was used in various ports, and marketplaces in the region. Other evidence is the Tanjung Tanah Law in post-Pallava letters. This 14th-century pre-Islamic legal text was produced in the Adityawarman era (1345–1377) of Dharmasraya , a Hindu-Buddhist kingdom that arose after
13689-903: Was used solely as a lingua franca for inter-ethnic communications. Malay is a member of the Austronesian family of languages, which includes languages from Southeast Asia and the Pacific Ocean , with a smaller number in continental Asia . Malagasy , a geographic outlier spoken in Madagascar in the Indian Ocean , is also a member of this language family. Although these languages are not necessarily mutually intelligible to any extent, their similarities are often quite apparent. In more conservative languages like Malay, many roots have come with relatively little change from their common ancestor, Proto-Austronesian language . There are many cognates found in
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