Google published inaccurate US$/RM exchange rate data, the second incident this year – Bank Negara

KUALA LUMPUR: Bank Negara Malaysia (BNM) today dismissed the inaccurate ringgit exchange rate data circulating on social media based on an erroneous USD/RM exchange rate published by Google on Friday, March 15.

“This is an inaccurate information that does not reflect the actual trading,” the central bank said in a statement.

Yesterday, the ringgit was quoted at 4.7015 against the US dollar at 9 am. and 4.7045 at 5 pm, with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website.

In the past two weeks (March 1-15, 2024), the ringgit has strengthened 0.76% against the US dollar

BNM pointed out that this was the second incident that Google published an inaccurate US$/RM exchange rate data in 2024.

The central bank had earlier issued a stern warning letter to Google when the first misreporting occurred on Feb 6, 2024.

“As this is the second instance of misreporting, BNM will be engaging Google for an explanation of how the inaccurate reporting occurred and the corrective measures taken given that this is a recurring issue that has afflicted Malaysia and other countries in the past few months,” it said.

BNM advised members of the public to rely on official data, including from the central bank.

The public should also exercise caution against using, circulating or speculating on unverifiable sources as a reference for the ringgit, it said.

“The exchange rate is a market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets,” BNM added.

The ringgit ended the week easier against the US dollar, alongside regional currencies, as the US producer price index data came in higher than expected.

At 6 pm Friday, the ringgit slid to 4.7050/7095 against the greenback from Thursday’s close of 4.6845/6878. – BK