Focus View
Bank Negara must listen to stakeholders
FocusM | 06 Jul 2018 00:30
New Bank Negara governor Datuk Nor Shamsiah Yunus has her work cut out for her.

And the quicker she resolves the many issues that need urgent attention, the better it will be for the banking sector and consumers.

The main issue that is bugging the business community, especially exporters, is the ringgit ruling on exporters. In December 2016, Bank Negara required exporters to convert at least 75% of their export proceeds into ringgit.

It was aimed at reducing the volatility of the local currency. To what extent this ruling stabilised the ringgit at the time is still unclear but exporters say it is time to relax it. The Japanese Chamber of Trade and Industry Malaysia (Jactim) recently lamented that it was burdensome.

Bank Negara should engage with exporters on this. The ringgit has, after all, strengthened since the ruling so is there a need to continue with it? Why make it difficult for foreign investors to do business in Malaysia?

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