Bank Negara revises foreign exchange notices

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 today.

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 attract foreign direct investment into the country. - Bernama

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