Tag: foreign exchange controls

foreign exchange controls

Bank Negara Malaysia Loosens Foreign Exchange Controls

Malaysia’s central bank, Bank Negara, has announced the loosening of foreign exchange controls as it further liberalises the local FX market.
Under the new regulations, local companies will no longer need to convert foreign earnings back into Malaysian ringgit before re-converting to another currency at a later date, instead exporters will be allowed to automatically sweep export proceeds into their trade foreign currency accounts maintained with onshore banks to meet up to six months’ foreign currency obligations, subject to pre-reporting those requirements.