Investment, Trade and Industry Minister Tengku Zafrul Aziz stated that it is up to Bank Negara Malaysia (BNM) to decide if exporting companies should convert export proceeds into ringgit, a move implemented in 2016. While beneficial for controlling interest rate differentials, it has pros and cons. He urged local companies and government-linked companies (GLCs) to support the ringgit, noting Malaysia’s strong position as a net exporter. The ringgit rose against the US dollar following weaker US payroll data.EXPORT PROCEEDS INTO RINGGIT – IT IS BNM’S CALL
Investment, Trade and Industry Minister Tengku Zafrul Aziz stated that it is up to Bank Negara Malaysia (BNM) to decide if exporting companies should convert export proceeds into ringgit, a move implemented in 2016. While beneficial for controlling interest rate differentials, it has pros and cons. He urged local companies and government-linked companies (GLCs) to support the ringgit, noting Malaysia’s strong position as a net exporter. The ringgit rose against the US dollar following weaker US payroll data.
