GICs (Government Investment Certificates)
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Definition of "GICs (Government Investment Certificates)"
Issued by the government of Malaysia under the Government Investment Act 1983 for borrowing money. The certificates carry a dividend to be declared in the light of economic performance of the country, inflation rate and equivalent return on other government instruments. The certificates qualify for the purpose of liquid reserve requirements of financial institutions. They are discountable at Bank Negara, Malaysia. The dis- counted price is determined with reference to the expected rate of return and the number of days for which the certificate was held before discounting.