Currency
Malaysia central bank: Google misquoted Ringgit value against dollar, wants explanation
Malaysia’s central bank — Bank Negara Malaysia (BNM) — has reportedly said that Google had misquoted the ringgit’s exchange rate undervaluing the currency against the dollar. The bank said that it would seek an explanation from Google parent Alphabet on the same. The bank said in a statement that Alphabet Inc’s Google published “inaccurate” information on Friday, March 15, and had also done so on February 6.
The ringgit, which declined to a 26-year low last month, is saod to hebe weakened about 2.44% in 2024. Bank Negara Malaysia has said the currency is undervalued and does not reflect Malaysia’s positive economic fundamentals.
What Bank Negara Malaysia statement said
“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,” BNM said in a statement.
It did not elaborate.
Reuters report quoting disclaimer on Google’s website said that the search giant does not verify data provided by financial exchanges and other content providers, and disclaims any obligation to do so, according to disclaimers on its website.
Google quoted the ringgit at 4.98 to the dollar on Friday, BNM said, while the Malaysian currency’s weakest level on official data was 4.7075.
BNM quoted the ringgit at 4.7015 at 9 a.m. and 4.7045 at 5 p.m. on the onshore interbank market. For comparison, LSEG data used by many international market participants quotes a Friday close of 4.7020.
Last week, BNM Governor Abdul Rasheed Ghaffour had that Malaysia’s government and central bank were taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remains stable.
The ringgit, which declined to a 26-year low last month, is saod to hebe weakened about 2.44% in 2024. Bank Negara Malaysia has said the currency is undervalued and does not reflect Malaysia’s positive economic fundamentals.
What Bank Negara Malaysia statement said
“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,” BNM said in a statement.
It did not elaborate.
Reuters report quoting disclaimer on Google’s website said that the search giant does not verify data provided by financial exchanges and other content providers, and disclaims any obligation to do so, according to disclaimers on its website.
Google quoted the ringgit at 4.98 to the dollar on Friday, BNM said, while the Malaysian currency’s weakest level on official data was 4.7075.
BNM quoted the ringgit at 4.7015 at 9 a.m. and 4.7045 at 5 p.m. on the onshore interbank market. For comparison, LSEG data used by many international market participants quotes a Friday close of 4.7020.
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Last week, BNM Governor Abdul Rasheed Ghaffour had that Malaysia’s government and central bank were taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remains stable.
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