Dear All State Presidents, Secretaries & MAICCI EXCO


Malaysia has further relaxed its forex administration rules by allowing a resident company with export earnings to pay another resident company for the purchase of goods and services in foreign
currencies.

Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz, said  the latest move was to enhance Malaysia's competitiveness by reducing the cost of doing business for companies operating in Malaysia, thus improving the country's investment environment.

Previously, these companies were required to convert their currencies to ringgit and re-convert them into foreign exchange of the same currencies for such purposes.

The new ruling allows exporting companies to have better control and flexibility to manage their foreign currency cash flows.

Meanwhile, Federation of Malaysian Manufacturers (FMM) President,  Tan Sri Yong Poh Koh, said the move would benefit exporters doing business in a competitive environment, as it helps to save costs.

Thank you and best regards.

“TOGETHER WE ACHIEVE EXCELLENCE”

Yours in MAICCI,