No short­age of for­eign cur­ren­cies, says MAMSB

The Sun (Malaysia) - - SUNBIZ -

PETAL­ING JAYA: A day af­ter Bank Ne­gara Malaysia (BNM) ad­vised the pub­lic to use li­censed banks for their for­eign ex­change needs, the Malaysian As­so­ci­a­tion of Money Ser­vices Busi­ness (MAMSB), in as­sur­ing the pub­lic of ad­e­quate sup­ply, said its ex­change rates re­flect de­mand and sup­ply con­di­tions in the re­tail mar­ket.

“Th­ese rates are de­ter­mined by mar­ket forces that de­pend on var­i­ous fac­tors namely the cost of sourc­ing for cur­ren­cies, op­er­a­tions costs and de­mand for cur­ren­cies,” it added.

BNM is­sued the state­ment on for­eign ex­change af­ter money chang­ers cur­rency pric­ing dif­fered widely from that quoted by the banks on Fri­day be­lieved to be af­fected by the per­for­mance of the ring­git in off­shore trad­ing, which is not recog­nised by the cen­tral bank.

MAMSB said there is ad­e­quate sup­ply of com­mon for­eign cur­ren­cies in the mar­ket to meet the cur­rent de­mand, adding it will con­tinue to mon­i­tor the sit­u­a­tion in the lo­cal cur­rency ex­change mar­ket.

The as­so­ci­a­tion said in a press state­ment yes­ter­day that li­censed money chang­ers and cur­rency whole­salers in the coun­try will take the nec­es­sary steps to re­spond to con­sumers’ needs.

MAMSB said the pub­lic who are fac­ing dif­fi­cul­ties in ex­chang­ing for­eign cur­ren­cies may con­tact the as­so­ci­a­tion at 03-7722 5808 or ad­min mamsb.org.my.

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