Bank Negara Malaysia today dismissed inaccurate US dollar-Ringgit exchange rate published by Google recently which has been making the rounds on social media. — Photo from www.bnm.gov.my/
KUCHING (March 16): Bank Negara Malaysia (BNM) today dismissed the inaccurate exchange rate data which has been circulating on social media based on an erroneous US dollar/Ringgit exchange rate published by Google on Friday.
BNM in a statement said this is inaccurate information that does not reflect the actual trading.
“Yesterday (March 15), the USD/MYR was quoted at 4.7015 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,” it said.
It said in the past two weeks (March 1-15), the Ringgit had strengthened 0.76 per cent against the US dollar.
BNM had earlier issued a stern warning letter to Google when the first misreporting occurred on Feb 6.
“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 this is a recurring issue that has afflicted Malaysia and other countries in the past few months,” it said.
The public is advised to rely on official data, including from BNM, and should exercise caution against using, circulating or speculating on unverifiable sources as a reference for the Ringgit.
“The exchange rate is market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets,” it added.