[BNM] Liberalisation Of Foreign Exchange Policy (FEP)

MICCI has always been advocating ease of doing business and has been on the media suggesting to the government in light of the post-Covid-19 recovery to make business conducive policies as a positive "light at the end of the tunnel" announcements. 

 

MICCI is seeing good policies coming on stream such as in a briefing session was conducted by Bank Negara Malaysia (BNM) on Foreign Exchange Policy (FEP) Liberalisation.

 

The below latest information for exporters and importers were shared by BNM during the briefing session :-

 

-            Removal of export conversion rule

-            Exporters are free to settle domestic trade in foreign currency (FCY) with other residents operating in the global supply chain.

-            Exporters can extend export repatriation beyond 6months for exceptional circumstances only.

-            List of permitted reasons for exporters to extend export proceeds repatriation up to 24months after date of shipment.

-            Exporters can net-off or write-off export proceeds for permitted reasons.

-            List of permitted reasons for export off-setting or writing-off arrangements with non-residents.

-            Corporates can enter into non-FX FCY derivatives directly with non-residents.

-            Summary of liberation measures.

 

All measures are effective from 15th April 2021.

 

For more details and better understanding, please click on this link to read more : https://drive.google.com/file/d/13cBw-3zSSkiqAhjgL45kCsm1_RRu3A20/view?usp=sharing

 

If you have any enquiry, please send email to FEPinfo@bnm.gov.my OR visit BNM’s website at http://BNM.my/FEP