BNM's discretion to compel exporters to convert proceeds into ringgit - Tengku Zafrul

KUALA LUMPUR: The government will leave it to Bank Negara Malaysia (BNM) to decide whether exporting companies should be compelled to convert their export proceeds into ringgit, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said the move, which was done by the central bank at the end of 2016, had its advantages and disadvantages as a form of capital control in controlling the difference in interest rates between the ringgit and foreign currencies.