Refinement of Operational Arrangement on Export Proceeds ConversionRef No : 02/17/02 08 Feb 2017 Embargo : For immediate release
With reference to a recent media report on the foreign exchange rules, Bank Negara Malaysia (the Bank) wishes to inform that the changes made effective from 6 February 2017, are not an easing of restrictions, but rather a refinement of existing operational arrangements between onshore banks and Bank Negara Malaysia.
Onshore banks have always been free to trade in any amount in the domestic foreign exchange interbank market. The refined operational arrangement relates to export proceeds conversion rules. To facilitate businesses' banking needs, onshore banks can now utilise export proceeds conversion of less than USD1 million per transaction to meet their clients’ foreign currency requirements without referring to the Bank. This allows the onshore banks to better manage their conversion operations during the day without compromising on the overall objective of the measures announced on 2 December 2016.
Bank Negara Malaysia
08 Feb 2017
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