Forex bnm
The letters were sent by banks in Malaysia who hold bonds and other Malaysian assets as custodians for foreign banks.
The form letters are addressed to Bank Negara Malaysia. Two separate sources at banks confirmed getting the form letter, which Reuters reviewed. The letters also asks financial institutions to provide a detailed plan to the central bank if they need to make ringgit transactions onshore and to seek help from Malaysian financial institutions for any foreign exchange transaction needs.
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Bank Negara in a statement to Reuters on Wednesday confirmed it has made the request through banks in Malaysia. Foreign holdings account for 40 percent of the total outstanding bond market in Malaysia, one of the largest foreign ownerships in Asia.
President last week, which sent the dollar soaring and has hit emerging market currencies particularly hard. The Bank is committed in ensuring the Foreign Exchange Administration FEA rules continue to support and enhance the competitiveness of the economy through the creation of a more supportive and facilitative environment for trade, business and investment activities.
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The Act imposes general restrictions on foreign exchange dealings by residents and non-residents. There are no restrictions for non-residents to invest in Malaysia to purchase ringgit assets, such as land property and securities.
Ringgit Operations Monitoring System
There is also no restriction for non-residents to transfer abroad, in foreign currency, all profits, returns and divestment proceeds from their investments in Malaysia. This acquisition emcompass direct or indirect via shares.
Restrictions apply for residents of Malaysia.