BNM: Seven global banks attest to not engaging in NDF transactions

KUALA LUMPUR: Bank Negara Malaysia (BNM) said yesterday that seven global banks have attested that they are not and will not engage in non-deliverable forward (NDF) related transactions.

“The seven have attested to this and they are global banks,” Assistant Governor, Adnan Zaylani Mohamad Zahid told a media briefing here.

About two weeks ago, BNM had requested through onshore banks that any non-resident banks which transact in the foreign exchange market, to attest that they are not and will not engage in NDF related transactions.

It came up with the measure as ringgit transactions in the NDF market had a damaging influence on the onshore pricing of the local currency.

“We have had discussions with a few other banks (as well),” he said, adding, BNM is pleased to see the outcome of the measures taken. — Bernama

US car sales heat up in November, boosted by discounts

CHICAGO: Deep discounts and extra selling days boosted US car sales in November among many brands, as Black Friday shopping helped reverse three months of year-over-year declines, automakers reported.

But the good news was offset by steep declines for a few carmakers, leading to a slight downtick in sales compared to October.

The industry sold 1.38 million units in November, just below the 1.39 million sold the prior month, according to Autodata.

The seasonally adjusted annual rate fell 2 per cent to 17.87 million units from a year ago, the industry research firm said.

GM, the biggest US carmaker, reported a sales surge of 10.2 per cent compared to the year-ago period.

Its Chevrolet and GMC brands saw most of the business, with the higher end Buick and Cadillac brands getting sizeable boosts.

Ford sales rose 5 per cent, driven by gains in its retail sales of trucks and SUVs. Sales to rental agencies, commercial operations and government were down 9 per cent. — AFP