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Malaysian Ringgit (MYR): Official foreign exchange reference rates as at 2021-12-16T12:15:00+08:00
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Malaysian Ringgit(MYR) Rate Today
Rwanda Franc. Samoa Tala. Saudi Riyal. Seychelles Rupee. Sierra Leone Leone. Singapore Dollar. Slovak Koruna. Slovenian Tolar. Solomon Islands Dollar. South African Rand. Transactions regulated by FX Notices include the sale, purchase, payment, transfer, remittance, borrowing, lending and guarantees involving Ringgit and foreign currency. This article seeks to highlight some of the key changes brought about by the new FX Notices.
It is not exhaustive. FX Notice 2: Borrowing, Lending and Guarantee A material amendment in the new FX Notice 2 is that a non-bank Malaysian resident may freely extend financial guarantees in favour of non-residents, and obtain financial guarantees from non-residents, other than in two limited circumstances.
The requirements for prior approval and registration of financial guarantees above the threshold of RM50 million or its equivalent in foreign currencies have been removed. Financial guarantees that are issued to secure foreign currency borrowings obtained by a non-resident, where the borrowings will be repaid by a resident other than when the financial guarantees are called upon under the event of default. With this amendment, the provisions of the new FX Notice 3 are much clearer. One material change for FX Notice 3 is in Paragraph 2 b , which states that there is no limit in the amount that a Resident Individual, sole proprietorship or General Partnership with Domestic Ringgit Borrowing may invest in a Foreign Currency Asset in the form of real estate outside Malaysia, if the investment is for the purpose of:.
The new FX Notice 4 has express provisions regulating payments and receipts:. The material amendments in the new FX Notice 5 includes:. Previously, the permission referred to only a transfer.
Exporters may:. The new FX Notices can be found here. It would be beyond the scope of this article to highlight every change that the new FX Notices have made to the exchange control laws of Malaysia. Different businesses have different foreign exchange requirements and manage their foreign exchange exposures differently.
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Hence, the impact of these changes on businesses will be unique to each type of business. For example, foreign currency borrowing limits from non-residents may be irrelevant to a company that sources its foreign currency funding internally or from resident lenders. An exporter that receives export proceeds in foreign currency may be impacted by changes in foreign currency hedging rules differently from an importer that needs to access foreign currency to pay foreign suppliers.
Foreign multi-national corporations with subsidiaries and operations in Malaysia have a substantial presence in the Malaysian economy. Over the years, Malaysia has fine-tuned its exchange control laws to suit the requirements of its economy — tightening the exchange controls in times of economic or currency crisis, and liberalising the controls gradually to support its growing economy.