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Adequate Supply of Currencies by Licensed Money Changers

Ref No : 01/18/12 30 Jan 2018 Embargo : For immediate release    

Bank Negara Malaysia (Bank) would like to assure members of the public that the incident of currency theft reported in the media has not affected the overall supply of currencies by money changers to meet public demand. Consumers can continue to obtain and exchange foreign currencies at licensed money changers located throughout the country.

The affected money changer and currency wholesalers have lodged police reports, and the case is currently under the investigation of the Royal Malaysian Police. The Bank is separately conducting an independent review of the incident to determine if there were any breaches of regulations by the licensed money changers and currency wholesalers. Appropriate enforcement actions will be taken by the Bank if a breach is established.

The Bank continues to closely monitor the effectiveness of controls and risk mitigations implemented by licensed money service businesses to ensure the reliable and efficient provision of currency exchange services. An increasing number of money services companies are leveraging on technology to enhance controls, improve service delivery and reduce the reliance on physical currencies in the overall currency handling and exchange operations. Such developments will further minimise risks of disruptions to currency exchange services.

Bank Negara Malaysia
30 Jan 2018

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