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Dear neighbour, be good to one another.

I am a Malaysian. Period. When my central bank says it’s against Malaysia’s foreign exchange administration (FEA) policy and rules, then it is also my responsibility to do my little part to tell that to my neighbour. I have no idea what’s the actual reason for them to start this (other than profits) and I hope it would soon be awesome again between us and them, relationship wise.
Full press release from BNM as below:

BNM Stance on Ringgit Currency Derivatives Products in Offshore Market

Ref No : 08/17/08 09 Aug 2017 Embargo : For immediate release
The recent introduction of the ringgit futures at the Singapore Stock Exchange (SGX) and the Intercontinental Exchange (ICE) or ICE Futures Singapore is inconsistent with Malaysia’s foreign exchange administration (FEA) policy and rules.
The Malaysian ringgit is a non-internationalised currency and thus, offshore trading of ringgit, in any form whether as a non-deliverable forward traded out of offshore financial centres or as a futures, options and other derivative contracts on exchanges outside of Malaysia, is against Malaysia’s policy.
Bank Negara Malaysia (BNM) would like to remind all market participants to observe the existing FEA rules. Contravention of the FEA is an offence under the Financial Services Act 2013 and Islamic Financial Services Act 2013. Appropriate action under the law will be taken against any person that does not comply with prevailing rules and regulations. Foreign participants should access the onshore ringgit foreign exchange market to meet their financial needs, either directly with onshore licensed financial institutions or their Appointed Overseas Office (AOO).

Bank Negara Malaysia
09 Aug 2017

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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