Malaysian Knitting Manufacturers Association (MKMA) expressed its total disappointment and strong objection in response to BNM’s Governor new instructions on Forex Policy which took effect from Monday, ie 05th Dec 2016.

The Malaysian Knitting Manufacturers Association (MKMA) on Tuesday expressed what it termed as its “total disappointment” and “strong objection” to Bank Negara Malaysia’s new foreign exchange (forex) measures that kicked in on Monday. It said in a statement that the central bank’s move has “disturbed the good deed” of all manufacturers with overseas operations.

The requirement to compel the exporter to immediately convert 75% of the Sales Proceed into Ringgit Malaysia (RM) and reserve 25% into Foreign Currency came in as shock, unexpected and without consultation and discussion with private sector.

MKMA object such an unfriendly rule and urge BNM to withdraw the implementation until full consultation with private sector is being carry out.

More detail on the articles can be view here:

1. TheEdge – Knitters Association Disappoint With Bank Negara Forex Policy
2. Sinchew – Forex Policy
3. Nanyang – Mkma Comment On New Bank Policy
4. TheEdge – Knitters Up In Arms Over Bank Negara New Forex Policy

Tags: Bank Negara Forex Policy, Malaysian Knitting Manufacturers Association (MKMA), Tang Chong Chin

This entry was posted on December 7, 2016 at 12:30 PM. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Community Services