No shortage of foreign currencies, says MAMSB

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.