Gov’t seeks explanation from Google on inaccurate Ringgit exchange rate data

Gov’t seeks explanation from Google on inaccurate Ringgit exchange rate data

KUALA LUMPUR: The government has sought clarification from Google concerning the erroneous exchange rate data showing the ringgit against the US dollar at RM4.98, as displayed by the search engine yesterday, given the recurrence of similar inaccuracies in the past.

Communications Minister Fahmi Fadzil said Finance Minister II Datuk Seri Amir Hamzah Azizan and Bank Negara Malaysia (BNM) Governor Datuk Abdul Rasheed Ghaffour have contacted Google on the matter.

He said the inaccurate data circulating on social media was a worrying sign that had caused misunderstanding among Malaysians.

“We know and understand that Google serves as a reference for Malaysians, so we hope that an explanation can be conveyed to the people,” he told reporters after the ‘Teh Hijau Kuala Lumpur’ programme here today.

Fahmi said as the government strives to boost the country’s economic growth and inspire investor confidence, such fundamental discrepancies should not arise.

“It should not happen, it cannot happen and we would not allow it to happen again,” Fahmi stressed.

He also thanked BNM for the prompt explanation regarding the inaccurate data today.

Bank Negara Malaysia (BNM) today dismissed the inaccurate ringgit exchange rate data circulating on social media based on an erroneous US$/RM exchange rate published by Google yesterday.

The central bank explained that on Friday (March 15, 2024), the ringgit was quoted at 4.7015 against the US$ 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.

BNM informed that this was the second time Google has published inaccurate US$/RM exchange rate data this year.

The central bank had sent a stern warning letter to Google when the first misreport occurred on February 6, 2024, Fahmi added.


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