Bank Negara Malaysia (BNM) has announced further on the liberalisation of Foreign Exchange Policy (FEP) which provides greater flexibilities to businesses such as:
- Removal of export conversion rule.
- Resident exporters can settle domestic trade in foreign currency with other residents involved in the global supply chain.
- Resident exporters can extend the period for repatriation of export proceeds beyond 6 months under exceptional circumstances.
For more details, please visit BNM’s website at https://www.bnm.gov.my/-/liberalisation-of-foreign-exchange-policy-2021 or FAQ (https://www.bnm.gov.my/documents/20124/2294076/2021-03-30+FAQ+on+FEP+Liberalisation.pdf).
These measures are effective 15 April 2021.
With the above development, we are able to offer you better services to fulfil your foreign currency account, financing and hedging needs. Please contact your Relationship Manager to discuss the impact of the liberalisation on your business.