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Tuesday, 30 January 2018

Foreign notes overall supply of currencies by money changers to meet public demand : Bank Negara Malaysia

Malaysia: Bank Negara Malaysia is conducting an independent review over the reported currency theft at a money changer.
The central bank also assured the public that the theft had not affected the overall supply of currencies by money changers to meet public demand.
Some currency exchanges here reportedly might face shortages of foreign notes after RM8 million in cash was stolen recently.
It was reported that a worker with a distribution agency had allegedly made off with the notes meant for several money changers in the city.
Consumers can continue to obtain and exchange foreign currencies at licensed money changers nationwide, Bank Negara said in a statement today.
“The affected money changer and currency wholesalers have lodged police reports, and the case is currently under the investigation of the Royal Malaysian Police,” it added.
“The bank is separately conducting an independent review of the incident to determine if there were any breaches of regulations by the licensed money changers and currency wholesalers. Appropriate enforcement actions will be taken if a breach is established.”
Bank Negara added that it would continue to closely monitor the effectiveness of controls and risk mitigations implemented by licensed money service businesses to ensure the reliable and efficient provision of currency exchange services.
“An increasing number of money services companies are leveraging on technology to enhance controls, improve service delivery and reduce the reliance on physical currencies in the overall currency handling and exchange operations.”
Such developments will further minimise risks of disruptions to currency exchange services, it added.
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