The Borneo Post (Sabah)

BNM revises foreign exchange notices

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KUALA LUMPUR: Bank Negara Malaysia (BNM) has issued a revision of its Foreign Exchange Notices following the liberalisa­tion of foreign exchange policies last month.

The Foreign Exchange Notices set out approvals of the central bank for transactio­ns which are otherwise prohibited under section 214(2), to be read together with Schedule 14 of the Financial Services Act, and section 225(2), to be read together with Schedule 14 of the Islamic Financial Services Act.

“These Foreign Exchange Notices will supersede the Foreign Exchange Notices issued on April 30, 2020,

“The notices also sets out the requiremen­ts, restrictio­ns and conditions of the approvals and directions of the central bank,” BNM announced yesterday.

Last month, the central bank announced measures to liberalise its foreign exchange policies in order to further strengthen Malaysia’s position in the global supply chain and a ract foreign direct investment into the country. — Bernama

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