BNM warns public over Google’s inaccurate ringgit exchange information

16 March 2024

By Wartawan Nabalu News

KUALA LUMPUR: Bank Negara Malaysia (BNM) has once again addressed the issue of inaccurate ringgit exchange rate data being disseminated on Google and social media platforms.

The central bank firmly refutes the erroneous USD/MYR exchange rate that was published by Google on March 15, 2024, which does not align with the actual trading figures.

BNM emphasizes that the official exchange rates, as recorded on their website, showed the USD/MYR 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 on the said date.

"In the past two weeks (115th March 2024), the ringgit has strengthened 0.76 per cent against the US dollar.

"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 in a statement today.

In light of this repeat incident, BNM plans to engage with Google to seek an explanation and understand the corrective measures being implemented to prevent future misreporting.

The central bank stresses the importance of accurate exchange rate data, as misinformation can have significant repercussions on financial markets.

BNM advises the public to consult official sources for reliable data and to exercise caution when encountering unverified information. The dissemination and speculation based on such data can lead to serious implications for the financial markets.