Bank Negara sets maximum spread for money changers<\/p>\n
KUALA LUMPUR (Reuters): Malaysia's central bank, Bank Negara,
\nsaid on Sunday it had set the maximum spread money changers could
\ncharge at two percent for major currencies.<\/p>\n
\"The maximum spread between buying and selling for major
\ncurrencies i.e. U.S. dollar, Deutsche mark, Sterling pound,
\nJapanese yen and Hong Kong dollar and Singapore dollar is two
\npercent (plus or minus one percent from the middle rate),\" Bank
\nNegara said in a statement.<\/p>\n
The spread for all other currencies has been set at three
\npercent, or 1.5 percent either side of the middle rate, Bank
\nNegara said.<\/p>\n
\"The middle rate for U.S. dollars is the exchange rate quoted
\nby Bank Negara,\" Bank Negara said.<\/p>\n
The bank recently fixed the exchange rate of the ringgit at
\n3.80 per U.S. dollar as part of exchange control measures.<\/p>\n
\"The middle rate for all other currencies against the ringgit
\nwould be the cross-rates determined based on the U.S. dollar
\nexchange rate against all the other currencies,\" the central bank
\nsaid.<\/p>\n
Licensed money changers would have to set their buying rate at
\nnot less than 3.7620 per dollar, and their selling rate at no
\nmore than 3.8384 per dollar, Bank Negara said.<\/p>\n
Customers would be issued with official receipts for all money
\nchanging transactions done with money changers, Bank Negara said.<\/p>\n
\"Bank Negara will revoke the licenses issued to money changers
\nif they fail to comply with the above rules, found to be hoarding
\nforeign currencies, or refusing to sell to customers at the
\nspecified exchange rates. Arrangements for adequate supply of
\nforeign currency notes have also been made.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bank-negara-sets-maximum-spread-for-money-changers-1447893297",
"image": ""
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