BNM Revises Foreign Exchange Policy Effective Immediately

Bank Negara Malaysia (BNM) has announced further adjustments in its foreign exchange policy, allowing corporates greater flexibility to better handle their foreign exchange risk exposure and aimed at improving business efficiency.

With these adjustments, five measures have been announced with immediate effect. Under the first amendment to the foreign exchange policy, resident exporters will no longer be required to convert export proceeds below MYR 200,000 per transaction into MYR. According to BMN, this flexibility is expected to reduce the administrative burden for exporters to meet their foreign currency obligations.

In addition to the above, moving forward the residents will be a...