Malaysia Central Bank takes first action against currency fixing
Malaysia's central bank has taken its first enforcement action against a financial institution over currency manipulation since it warned last year that offshore trading of the ringgit is not recognised, in a bid to avoid speculative trading of the currency. The financial institution in question has not been named. The bank further warned it "will not hesitate to take appropriate enforcement actions against any other financial institutions which have breached provisions under the FSA," and that "enforcement actions may include the imposition of monetary penalties, issuance of a written order to comply, making public reprimands and issuance of a written order".
A general view of the headquarters of Malaysia's central bank, Bank Negara Malaysia, in Kuala Lumpur. Photo: REUTERS/Bazuki Muhammad/Files