Hornbill Unleashed

March 24, 2017

BNM to introduce new measures to deal with ringgit value

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

BNM-ringgitBank Negara Malaysia (BNM) is planning to introduce new measures to help businesses to deal with the ringgit’s value, Governor Muhammad Ibrahim said.

He said the measure would help hedge the ringgit against other currencies, providing a better balance in the country’s foreign exchange market.

“The Financial Markets Committee will make an announcement once the measures are discussed with the industry and businesses,” he told a briefing at the BNM Annual Report 2016 release, as well as the Financial Stability and Payments Report here today.

Meanwhile, Muhammad said BNM would announce the names of financial institutions that failed to follow procedures.

“Banks that have been penalised would also be made known to the public, including the penalty amount and reasons,” he said.

Earlier this year, BNM fined an unnamed financial institution some RM1.4 million for failing to follow the procedures.

Asked on the latest development of the alleged foreign exchange (forex) trading loss of US$10 billion by the central bank back in the 1990s, Muhammad said BNM was committed to extend its full cooperation to the special task force established by the cabinet to probe into the forex losses.

“This happened 25 years ago and we will do our best to help. We can only tell you what transpired then based on the document that we have,” he said.

The special task force that was set up to probe the forex losses will present its findings to the cabinet in three months.

It focuses on three terms of reference, including conducting preliminary investigations into losses by BNM related to its speculative foreign currency transactions.

Source : @ Bernama


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