BNM To Warn Google Over Inaccurate Ringgit Exchange Rate Published

Bank Negara Malaysia said it 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. The Central Bank said it is an inaccurate information that does not reflect the actual trading.

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.\

This is the second incident that Google has published an inaccurate USD/MYR exchange rate data in 2024. BNM said it 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 said it 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.

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