New BNM measures to deal with value of ringgit
Published on: Friday, March 24, 2017
Kuala Lumpur: Bank Negara Malaysia (BNM) plans to introduce new measures to help businesses deal with the ringgit's value, Governor Datuk Muhammad Ibrahim said. He said the measure would help small and medium enterprises and small businesses hedge the ringgit against other currencies."Once the measures have been discussed with the industry and businesses, the Financial Markets Committee will make 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, Thursday.
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Meanwhile, Muhammad said, BNM would announce the names of financial institutions that failed to follow procedures and promptly inform it of the dealers' misconduct which involved the fixing of the US dollar-ringgit exchange rate next year."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.
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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 taskforce 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.
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