BANK Negara Malaysia (BNM) dismissed the inaccurate ringgit exchange rate data circulating on social media, which it said was based on an erroneous USD/RM exchange rate published by Google on Friday (March 15).
“This is inaccurate information that does not reflect actual trading,” the central bank said in a statement.
BNM stated that it had issued a stern warning letter to Google when the first misreporting occurred on Feb 6, 2024.
“As this is the second instance of misreporting, BNM will be engaging Google for an explanation of how the inaccurate reporting occurred and the corrective measures taken given that this is a recurring issue that has afflicted Malaysia and other countries in the past few months,” it added.
Yesterday, the ringgit was quoted at 4.7015 against the US dollar at 9am. and 4.7045 at 5pm with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website.
Moreover, BNM also advised members of the public to rely on official data including from the central bank.
“The public should also exercise caution against using, circulating or speculating on unverifiable sources as a reference for the ringgit,” the central bank further added.
“The exchange rate is market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets.” – March 16, 2024
