BNM Liberalises foreign exchange policy to attract FDI into Malaysia and foster conductive environment
Bank Negara Malaysia (BNM) has announced further measures to liberalise its foreign exchange policy (FEP) to strengthen Malaysia’s position in the global supply chain and foster a conducive environment in attracting foreign direct investment (FDI) into the country.
One of the new measures is the removal of the export conversion rule. This means that resident exporters may now manage the conversion of export proceeds according to their foreign currency cash flow needs.
Residents exporters can now extend the period of repatriation of export proceeds by more than six months under the exceptional circumstances. Meanwhile, the six months rules is still in place. It also clarified that for other purposes, approval is still required.
To understand more, please click on this link for full statement (sources credited to The Edge Market) : https://www.theedgemarkets.com/article/removal-export-conversion-rule-among-five-liberalisation-measures-announced-today-which?type=malaysia
For BNM Annual Report, please click on this link : https://www.bnm.gov.my/bnm-annual-report