The Finance Minister or the Governor of the Bank Negara Malaysia, BNM must assume fudiciary responsibility to allay the fear and apprehension of Malaysian public, particularly of the business community and investors.
It is not good enough to be issuing instructions by BNM to onshore banks not to provide any Foreign Exchange FX to offshore today while also not allowing trade higher than yesterday range for today.
While this may not amount to a ‘Capital Control’ as such, it is surely a ‘Forex Market Shutdown’ by BNM, on all the interbank Forex Market.
Why until now, no official statements from the Finance Minister or the BNM, are made on this matters, as to address the anxiety and fear of the Malaysian public.
The public needs to get clarity from the authorities concerned as to the total amount outstanding or demanded by way of outflow of funds.
This is also to mitigate panic selling of bond holders of the MGS (Malysian Government Securities) and other bonds by foreigners and also to avoid black market thriving, when officials channels are restricted.
To make matter worse, it is said that there is no official exchange rate now. Unofficial rate is RM 4.6 versus USD and 3.5 versus AUD.
We demand an immediate clarification on the matter, critical in avoiding uncertainties and panic selling, from the Finance Minister or the Governor of the BNM. We would also strongly reprimand Putrajaya that all the hype of making Malaysia, the Islamic Finance Global Market Place, would be deemed destroyed, by virtue of the inaction and the defeaning silence of the BNM.
The writer Dr Dzulkefly Ahmad a Strategy Director of Amanah party.