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New Measures Announced by Bank Negara Malaysia on Foreign Exchange Administration Rules
Bank Negara Malaysia has recently announced a set of measures in respect of foreign exchange administration rules in order to accelerate the development of the Malaysian financial market and to promote financial stability. In the new measures, it was stated that exporters are now only allowed to retain up to 25% of export earnings in foreign currency.
However, us at the CCIFM do not agree with this implementation. Taking into consideration of the effect on all our members, we took the initiative to exercise our advocacy on foreign exports by writing a joint memorandum with the EU-Malaysia Chamber of Commerce and Industry (EUMCCI) to Bank Negara Malaysia about reconsidering this drastic action. Please click here to view the letter sent to Bank Negara Malaysia.
