Excange Regulations of Malaysia

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 Excange Regulations of Malaysia


           The Exchange rate policy is an important component in the Malaysian FDI promoting framework and in general economic policy. In recent years, Malaysia has substantially opened-up its foreign exchange regime and can now be considered fairly liberal. Bank Negara does not officially peg the Ringgit to certain currencies and the currency floats. However, the bank does intervene in the foreign exchange market in order to avoid rapid fluctuations in coherence with its policy to maintain a stable value of the Ringgit. This is achieved by comparing the market value to an unknown trade-weighted basket of currencies (Bureau Of Economic Analysis 1993: 2). Bank Negara has been accused of depreciating the value of the Ringgit in order to promote exports. For instance, in 1993, the bank bought large amounts of US dollars causing the Ringit to depreciate (Cooke 1994: 3). As a result, in 1993 alone, the national bank declared a loss of over 2.3 billion US dollars in foreign exchange (Economist: 1994 98). Naturally, the stability of the Ringgit facilitated throughout government intervention has improved the overall climate for FDI and in particular, export oriented such.

 Liberalization of Foreign Exchange Regulation

          As noted by the World Bank, export oriented FDI provides the foreign exchange required to develop a nation without incurring huge debts. Malaysian economic policy has promoted a favourable climate for TDI, resulting in rapid industrial development and influx in foreign exchange that can promote nen development projects. Bank Negara is presently der gulating the financial industry, a move which may emase the distinction between local and foreign institutions (Astbury, 1995: 13). Currents, specific permission from the Controller of Foreign Exchange is required for the operation and maintenance of a foreign currency account. A relaxation in that policy is proposed that will make it possible for exporters to maintain foreign currency accounts of a portion of their proceeds from exports. Furthermore, non-resident controlled companies will enjoy relaxation in the gearing ratio capital structure of foreign entities by increasing the domestic debt to eligible capital funds ratio from 2:1 to 3:1 (Budget 1995: 25).

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