Update July 2022: 

Want to get a glimpse of what it’s like to be a Monetary Policy Committee (MPC) member in determining the appropriate monetary policy action? Attend the Tun Ismail Ali Chair (TIAC) Monetary Policy Challenge 2022!

To gain insights on the economy and monetary policy, check out the seminar on economy and monetary policy by a BNM economist as well as a simulation of an MPC deliberation by TIAC Monetary Policy Challenge finalists via the links below.

Economy and monetary policy (19 July, 2.30 – 4.30 pm) at here

Finals of the TIAC Monetary Policy Challenge (20 July, 2 – 5 pm) at here


#TIACChallenge #monetarypolicy

Update June 2022: Our flagship event for the year has now taken a new form! Applications for the inaugural Intervarsity Monetary Policy Challenge are now open as of 2nd June 2022. 

Do read for more details and if you have any queries or concerns, please email tiac@bnm.gov.my.

About the Tun Ismail Ali Intervarsity Challenge

The Tun Ismail Ali Challenge is a two-day residential challenge that aims to provide undergraduates with an exciting opportunity to put themselves in the shoes of a central bank’s Monetary Policy Committee.

During the challenge, participants will be tasked to assess the economic conditions facing a given economy. They will then analyse, simulate and apply economic reasoning to decide on an appropriate monetary policy action. You might have read about monetary policy in the news and in textbooks, so now is the time to put that understanding to the test!

For more information, check out this challenge guide.

The challenge will take place in Bank Negara Malaysia, Kuala Lumpur on 19th July – 20th July 2022.


Each application must constitute a team of three students and one team advisor.

  • At least one student must have a background in Economics/Business/Finance.
  • The team advisor is a member of staff representing the Economics/Business/Finance faculty of any local university in Malaysia.

There is no limit to the number of representative teams that can apply for each university.


You may access the application form here. The application requires:

Please read the Tun Ismail Ali Intervarsity Challenge Terms and Conditions carefully before applying for the Challenge. By applying, it is implied that you have read, understood and agreed to comply with the terms and conditions.

The application opens on 2nd June 2022 and closes on 11:59pm Malaysian time on 3rd July 2022. 


The winning teams will be awarded cash prizes, as below:

  • Champion: RM 5,000 cash prize, an internship placement for all three participants in BNM and a research collaboration between the team advisor with BNM
  • 1st Runner-up: RM 3,000 cash prize
  • 2nd Runner-up: RM 1,000 cash prize

More Questions?

Start by reading the FAQS. We may already have the answers to your questions! If you have any further inquiries, please contact the committee at tiac@bnm.gov.my.

Quick Links

Tun Ismail Ali Challenge 2019: Cost of Living

The Tun Ismail Ali Chair (TIAC) was established by Bank Negara Malaysia (BNM) to enhance academic and pragmatic excellence in the area of monetary and financial economics. On 31 July and 1 August, TIAC organised the second Tun Ismail Ali Challenge at Sasana Kijang, Bank Negara Malaysia. This two-day residential challenge provided a platform for undergraduates to showcase their creative and innovative solutions to pertinent policy issues and familiarise themselves with Malaysia’s policy landscape. To further enrich the policy formulation experience, participants were paired with mentors from amongst economists and analysts at Bank Negara Malaysia.

The theme of the Challenge this year was ‘Cost of Living’. A total of 27 finalists, representing 17 local and foreign universities, were selected from among 80 applicants to participate in the Challenge. The participants provided various policy solutions to address the high cost of living, from improving income growth to addressing the increasing prices of goods and services.

Team Ordinary Least Squares
Team MAW
Kijang UK

A team of undergraduates from Nottingham University and Imperial College, emerged as the champion with their three-pronged proposal aimed at improving housing affordability, controlling food prices, and providing security from income shocks to lower income households.

Team OLS facing a Q&A sessions from judges and the audience

The two runner-ups were teams consisting of undergraduates from the University of Warwick, University of Manchester, Arizona State University, and University of Wisconsin Madison. These teams proposed policies to enhance labour welfare, facilitate digitalisation among SMEs to boost wage growth, reduce food prices and raise incomes in semi-skilled industries.

Governor Nor Shamsiah Mohd Yunus dropped by to see the Grand Final and provide some insights to finalists
Judges deliberating on the final winners
Finalists got a rare opportunity to mingle with Governor Nor Shamsiah
The winners of the Tun Ismail Ali Challenge along with Governor Datuk Nor Shamsiah binti Mohd Yunus and the judges, Assistant Governor Marzunisham Omar, Dr. Norhana Endut (Director, Monetary Policy Department), Prof Emeritus Datuk Dr Norma Mansor (Director, Social Security Research Center) and Prof Dr. Niaz Asadullah (Professor, University of Malaya).

Tun Ismail Ali Challenge 2018: Technology and New Growth Areas

The winners of the Tun Ismail Ali Challenge along with the judges, Assistant Governor Marzunisham Omar, Dr Afzanizam (Chief Economist, Bank Islam),  Dr Kwek (Associate Professor, University Malaya), Dr Chew Yew Choong (Principal Data Scientist, RHB) and Prof. Thorsten Beck (6th Tun Ismail Ali Chairholder)

Bringing the World of Economic Policymaking to Undergraduates

The Tun Ismail Ali Chair (TIAC), which was founded by Bank Negara Malaysia to enhance academic excellence in the area of monetary and financial economics of the local academic community, recently organised the inaugural Tun Ismail Ali Challenge on the 18th and 19th of July at Bank Negara Malaysia. The Tun Ismail Ali Challenge was a two-day residential challenge that aimed to provide undergraduates with a platform to express their ideas and creativity in solving policy issues related to the macroeconomy and the financial sector. The challenge aspired to promote the build-up of a strong theoretical and practical foundation in the field of economics amongst the next generation of Malaysian economic graduates. A total of 27 finalists were selected from among 150 applicants to participate in the challenge.

The theme of the challenge was ‘Technology and New Growth Areas’. The participants, who consisted of finalists from various local and foreign universities, proposed various policy solutions that would enable Malaysia to best benefit from the technological revolution underpinning the changes in economies worldwide.

Aaron Luke (London School of Economics), Alya Athira Binti Mohamed Rafick Khan (London School of Economics) and Thevesh Thevananthan (University of Cambridge), who named their team ‘Pakatan Nasi Lemak’, emerged as the champions of the Tun Ismail Ali Challenge with their proposal of establishing an agency that coordinates and funds high-skill training for workers, and eventually pairs them with interested employers.

Cheah May Lyn (University of California, Berkeley), Lai Jia Hao (University of Nottingham Malaysia Campus) and Ridhuan Mohammad Rizal (University of California, Berkeley) from the first runner-up team, ‘Golden Bears’, proposed policies to turn Malaysia into a renewable energy hub by tapping into the global demand for renewable energy. Meanwhile, Mandeep Singh A/L Manjit Singh (Help Academy), Sukhdev Singh Malhi Darshan Singh (London School of Economics) and Wong Khang Yee (Help Academy) from the second runner-up team, ‘Scientia Conquisitor’, proposed policies to link small and medium enterprises (SMEs) and start-up companies.

The winners were awarded RM10,000 (Champion), RM5,000 (First runner-up) and RM3,000 (Second-runner up) cash prizes respectively.