Malaysia’s Central Bank Challenges Google Over Misquoted Ringgit Exchange Rate

Malaysia’s central bank, Bank Negara Malaysia (BNM), has raised concerns over Google’s alleged misquoting of the ringgit’s exchange rate, which reportedly undervalued the currency against the U.S. dollar.

In a statement issued on Saturday, BNM expressed its intention to seek clarification from the tech giant regarding the inaccuracies in exchange rate reporting, citing this as the second instance of misreporting.

BNM highlighted that Google’s publication of “inaccurate” information on the ringgit’s exchange rate occurred on two separate occasions, leading to concerns about the reliability of the data provided by the search engine.

BNM highlighted that Google's publication of "inaccurate" information on the ringgit's exchange rate occurred on two separate occasions
BNM highlighted that Google’s publication of “inaccurate” information on the ringgit’s exchange rate occurred on two separate occasions (Credits: The Economic Times)

The central bank emphasized the importance of accurate exchange rate reporting, particularly in the context of Malaysia’s currency, which has faced depreciation and scrutiny in recent months.

Google Faces Scrutiny Over Exchange Rate Discrepancies

The recent controversy surrounding Google’s purported misquoting of the exchange rate for the ringgit, Malaysia’s currency, has caught the attention of the nation’s central bank, Bank Negara Malaysia (BNM), prompting it to seek clarification from the tech giant.

Despite Google’s disclaimer absolving itself from the responsibility of verifying data sourced from financial exchanges, BNM has voiced its concerns regarding the persistent inaccuracies in exchange rate reporting.

The disparity between the exchange rate quoted by Google and the official data provided by BNM has led to increased scrutiny and demands for corrective actions.

The discrepancy between Google's quoted exchange rate for the ringgit and official data provided by BNM has sparked further scrutiny and calls for corrective measures.
The discrepancy between Google’s quoted exchange rate for the ringgit and official data provided by BNM has sparked further scrutiny and calls for corrective measures. (Credits: CNBC)

In response to these concerns, BNM Governor Abdul Rasheed Ghaffour has reaffirmed the government and the central bank’s dedication to maintaining stability in the foreign exchange market.

He emphasized the coordinated efforts aimed at enhancing liquidity in the market and providing support for the stability of the ringgit.

This situation underscores the importance of accurate and reliable financial information, especially in the context of global tech platforms like Google, which wield significant influence over users’ perceptions and decisions.

It also highlights the critical role played by regulatory bodies like BNM in safeguarding the integrity of financial markets and ensuring transparency in exchange rate reporting.

Jen Garcia
Jen Garcia
Experienced finance and business news writer, exploring market dynamics with insightful analysis and engaging storytelling.
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