Bank Negara acts against lender in ringgit fixing case

Curbing speculation: Bank Negara will not hesitate to take appropriate enforcement actions against any other financial institutions which have breached provisions under the FSA.

PETALING JAYA: Actions have been taken against a financial institution for failing to quickly report on an audit finding in relation to its dealers’ misconduct for the fixing of the US dollar-ringgit exchange rate, according to Bank Negara.

“The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process.