The DBOS logo
KUCHING (Nov 15): The Development Bank of Sarawak (DBOS) is a development financial institution and is mandated to fund state strategic infrastructure projects.
In a statement today, the bank said that as a development bank, it follows Bank Negara Malaysia’s guidelines and best practices in its operations.
“DBOS seeks deposit like any other financial institutions from the state government, statutory bodies, local authorities and state government-controlled companies,” it said.
It was responding to Parti Sarawak Bersatu (PSB) president Dato Sri Wong Soon Koh’s recent statement where he had questioned the amount of fund from the state’s reserves that had been transferred to DBOS following its setting-up.
The former Second Finance Minister believed that the state reserves being placed into DBOS and spent on projects are the same as spending the reserves themselves, thus becoming “an alternative funding in name, but not in form.”
DBOS also pointed out that it conducts lending activities like any other banks.
“DBOS manages its deposits and placements like any other financial institutions.
“Withdrawals on deposits can be made at any time, in accordance with normal banking practices,” it said.