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Malaysia’s central bank, Bank Negara Malaysia (BNM), raised objections on Saturday regarding Google’s inaccurate portrayal of the ringgit’s exchange rate against the dollar.
BNM announced its intention to seek clarification from Google on the matter, highlighting the potential impact of misreporting on the currency’s valuation.
Ringgit’s Weakening Trend:
The ringgit, which recently hit a 26-year low, has depreciated approximately 2.44% against the dollar this year. Despite Malaysia’s favorable economic fundamentals, BNM asserts that the currency’s current valuation does not accurately reflect its intrinsic value.
BNM criticized Google for publishing erroneous exchange rate information multiple times, citing instances on Friday and February 6.
The central bank emphasized rectifying the recurring issue, underscoring the necessity for accurate financial data dissemination.
Seeking Explanation and Corrective Action:
In response to the misreporting, BNM announced its intention to engage with Google to understand the underlying cause of the inaccuracies and ascertain the tech giant’s corrective measures.
The central bank aims to address the recurring issue and mitigate its adverse effects on Malaysia and other affected countries.
Disclaimers on Data Verification:
As a search engine and data aggregator, Google does not independently verify data sourced from financial exchanges and content providers. The tech company, therefore, disclaims any responsibility for the accuracy of the information provided, as stated in disclaimers on its website.
BNM provided official exchange rate figures, contrasting Google’s misquotation.
The central bank quoted the ringgit’s exchange rate at 4.7015 at 9 a.m. and 4.7045 at 5 p.m. on the onshore interbank market. In comparison, LSEG data, widely used in international markets, cited a Friday close of 4.7020.
Coordinated Action to Support Ringgit:
BNM Governor Abdul Rasheed Ghaffour affirmed the commitment of the Malaysian government and central bank to stabilizing the ringgit.
Coordinated efforts are underway to bolster foreign exchange market liquidity, ensuring the currency’s stability amidst external pressures and economic uncertainties.
