KUALA LUMPUR, 16 March 2024 – Bank Negara Malaysia (BNM) firmly dismisses the inaccurate ringgit exchange rate data that has been circulating on social media based on an erroneous USD/MYR exchange rate published by Google on 15 March 2024. This is an inaccurate information that does not reflect the actual trading.
Chart 1: Inaccurate USD/MYR published by Google on 15 March 2024
Yesterday (15 March 2024), the USD/MYR was quoted at 4.7015 at 9 a.m. and 4.7045 at 5 p.m. with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website.
In the past two weeks (1 – 15th March 2024), the ringgit has strengthened 0.76% against the US dollar.
Table 1: USD/MYR exchange rate published on BNM website
Source: USD/MYR Interbank Intraday Rate
“This is the second incident that Google has published an inaccurate USD/MYR exchange rate data in 2024. BNM had earlier issued a stern warning letter to Google when the first misreporting occurred on 6 February 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.” said BNM.
BNM also advised members to rely on official data, including from BNM.
“Members of the public should also exercise caution against using, circulating or speculating on unverifiable sources as a reference for the ringgit. The exchange rate is a market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets.” added BNM.
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