Author Topic: FMC  (Read 1696 times)

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FMC
« on: July 01, 2016, 08:24:41 AM »



Smooth going on Malaysian markets post-Brexit vote: Committee
Posted on 1 July 2016 - 05:40am
sunbiz@thesundaily.com
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KUALA LUMPUR: The Malaysian markets have been resilient and continue to operate in an orderly manner post-Brexit referendum, facilitating smooth intermediation activities among the market participants, said the Financial Market Committee (FMC).

FMC comprises representatives from Bank Negara Malaysia, financial institutions, corporations, financial service providers and other institutions or stakeholders.

It said key domestic markets including the government bonds, corporate bonds and money markets were stable and the domestic markets continue to have ample liquidity.

“For the ringgit foreign exchange market, despite higher than usual volatility, liquidity remains supported and financial market participants are able to transact and execute their business without any disruptions,” FMC said in a statement yesterday.

It added that Bank Negara Malaysia will continue to monitor these developments and work with FMC members, including taking proactive measures to address any further volatility that could re-emerge from the transition process to ensure orderly functioning of the financial markets

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Re: FMC
« Reply #1 on: November 27, 2016, 08:41:13 AM »



PRESS RELEASES
Update on Malaysian Financial Markets

Ref No : 11/16/15 25 Nov 2016 Embargo : For immediate release   
Bank Negara Malaysia (BNM) requires onshore banks to adhere to the current rules to prevent facilitation of offshore ringgit NDF market in line with the well-established policy of the ringgit. This is to protect the interest of the real sectors and genuine investors in the Malaysian financial market from undue ringgit volatility. Ringgit prices and its volatility had been affected by activities and prices in the offshore NDF market which is not necessarily reflective of economic fundamentals and underlying trade and investment activities.

Malaysian financial market remains open with the adherence effectively in place. Liquidity continues to be available supporting smooth and orderly functioning of Malaysian financial market in intermediating the needs of market participants. During the week 14-18 November, a total of RM39.7 billion and USD49.1 billion was transacted in the Malaysian bond and FX market. This compares to the RM17.8 billion and USD31.6 billion that was transacted in the preceding week, respectively. Non-residents participants, such as corporates, global asset and fund managers, as well as clearing and custodian banks continue to transact in the Malaysian financial markets. The transactions were intermediated by 58 Malaysian onshore banks, which include 19 foreign banks that are subsidiaries of regional and large global banks. A number of foreign banks have begun discussing with BNM on their financial market transaction needs to facilitate smooth transition during this period, without causing market disruption.

With reference to the Governor of Bank Negara Malaysia’s speech at the Financial Markets Association annual dinner on 18 November 2016, the Financial Markets Committee (FMC) members welcome the announced initiatives and strategies to further deepen the liquidity on the onshore market while providing more flexibility for market participants to manage foreign exchange risks with onshore banks. The FMC looks forward to carry through these initiatives and engage with the industry to support an efficient and effective implementation.

 

Financial Markets Committee
25 November 2016

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Re: FMC
« Reply #2 on: November 27, 2016, 08:41:55 AM »



PRESS RELEASES
Response to CNBC’s article entitled, "Malaysia central bank shows higher forex reserves despite ringgit support"

Ref No :  25 Nov 2016 Embargo : For immediate release   
We refer to CNBC’s article entitled, “Malaysia central bank shows higher forex reserves despite ringgit support”.

As clearly indicated in the statement released on 22 November 2016, the international reserves position of Bank Negara Malaysia as at 15 November 2016 reflects transactions that transpired throughout the first half of the month. The fortnightly international reserves position is compiled consistently and strictly in accordance to the standards prescribed by the International Monetary Fund.
 


 

Bank Negara Malaysia
25 Nov 2016

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Re: FMC
« Reply #3 on: December 02, 2016, 08:40:47 PM »



FMC announces measures to develop onshore financial market
TheStarFri, Dec 02, 2016

inancial Markets Committee had on Friday announced measures to develop the onshore onshore financial market
inancial Markets Committee had on Friday announced measures to develop the onshore onshore financial market

KUALA LUMPUR: The Financial Markets Committee had on Friday announced measures to develop the onshore onshore financial market. 

Below is the statement of the measures which take effect on Monday:

As part of the strategy to broaden and deepen the Malaysian financial markets, the Financial Markets Committee, in collaboration with Bank Negara Malaysia (BNM), would like to announce several measures intended to enhance the liquidity of the foreign exchange (FX) market with effect from 5 December 2016:

Liberalisation and deregulation of the onshore ringgit hedging market

To provide greater flexibility for market participants to manage foreign exchange (FX) risks, residents (including resident fund managers) may freely and actively hedge their USD and CNH exposures up to a limit of RM 6 million per client per bank. A one-time declaration of non-participation in speculative activity would suffice.

Resident and non-resident fund managers can now actively manage their FX exposure up to 25% of their invested assets. To qualify for this arrangement, registration with BNM would suffice.

To broaden accessibility of foreign investors and corporates to the onshore FX market, offshore non-resident financial institutions may participate in the Appointed Overseas Office1 (AOO) framework which will be accorded additional flexibilities on ringgit transactions.
These flexibilities include FX hedging (own account/on behalf of client) for current and financial account based on commitment, opening of ringgit account (book-keeping) and extension of ringgit trade financing.

Streamlining treatment for investment in foreign currency assets

Resident entities with domestic ringgit borrowing are free to invest in foreign currency assets both onshore and abroad up to the prudential limit of RM50 million. Residents without domestic ringgit borrowing shall continue to enjoy flexibility of investing in foreign currency assets both onshore and abroad up to any amount.

This gives equal treatment for residents with ringgit borrowings investing in foreign currency assets whether in the onshore or offshore market.

Incentives and treatment of export proceeds

Exporters can retain up to 25% of export proceeds in foreign currency. They may hold higher balances with approval from BNM to meet their obligations in foreign currency.

Payment by resident exporters for settlement of domestic trade in goods and services is now to be made fully in ringgit. 

All ringgit proceeds from exports can earn a higher rate of return via a special deposit facility.

The special deposit facility for ringgit proceeds will be offered to exporters via all commercial banks and receive a rate of 3.25% per annum. This facility will be offered until 31 December 2017 subject to further review.

Foreign currency arising from conversion of export proceeds will be used to ensure continuous liquidity of foreign currency in the onshore market.

In addition to the newly announced hedging measures, exporters are also able to hedge and unhedge up to 6 months of their foreign currency obligations. 

These measures are intended to promote a deeper, more transparent and well-functioning onshore FX market where genuine investors and market participants can effectively manage their market risks with greater flexibility to hedge on the onshore market.  A deep and liquid onshore FX market will enable investors to better manage against volatile currency movements.
 
The above measures are part of a series of market development initiatives by the Financial Markets Committee. The aspiration is to have a highly developed, liquid and deep FX market in Malaysia commensurate with the growth of the economy and the increasingly sophisticated needs of the users.

Financial Markets Committee

2 December 2016

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Re: FMC
« Reply #4 on: December 02, 2016, 09:12:31 PM »



财经
國行:非資本管制 出口商 所有付款需用令吉
 1992点阅   2016年12月02日
20161203fbc23b

(吉隆坡2日訊)為了提振令吉需求,國家銀行與金融市場委員會宣佈,將從下週一(5日)開始落實6大措施,加深岸內外匯市場的深度與流動性;其中,國內出口商必須以令吉來支付所有國內貿易付款,在這之前,出口商可以用任何貨幣支付。



此外,出口商保留的出口所得,當中75%必須是令吉,最多25%是外幣(供進口付款與貸款);要求更高外幣比重者,可向國行提出申請。

國行助理總裁安南再蘭尼指出,這6項措施旨在糾正日益失衡的岸內匯市,同時放寬岸內令吉對沖市場。

他指出,大馬過去10年皆錄得貿易盈余,但近年兌換至令吉的累積盈余卻明顯下滑。

“2006至2010年間,令吉貿易盈余平均佔總額的28%,但在2011至2015年間,此比重大跌至1%。”

他今日針對岸內金融市場的新措施,在媒體匯報會上發表談話。

令吉存款可享3.25%利率

為了鼓勵出口商把資金轉換為令吉,國行與金融市場委員會將提供獎掖給出口商,把出口所得兌回令吉的出口商,可享有3.25%的特別存款年利率,此獎掖有效至明年12月31日。

此外,出口商也具有彈性可取消期貨合約,以管理本身的流動性。

配合新宣佈的對沖措施,出口商可針對外幣貸款,選擇對沖最高6個月。

安南強調此舉不是變相資本管制,反之是放寬匯市部分措施。

“這並不是資本管制,投資者還是可以在匯市自由進出。相反的,國內企業可透過岸內銀行,展開對沖或更積極地管理岸外曝險。”

他也希望這些措施可讓匯市更穩定,並在未來2年取得成效,委員會也會在明年底檢討這些措施。

新措施 免匯市續失衡

安南指出,最新宣佈是首階段的匯市發展措施,以打造一個高度發展、具流動性與深度的外匯市場。

“這些措施旨在岸內允許更佳的對沖彈性,以取得有效的風險管理。此外,也確保岸內外幣流動性的持續。”

他也說,新措施不是為了打擊岸內的外匯產品,只是讓整個匯市系統更簡單和制度化。

“新措施不會明顯衝擊國內外匯產品的需求,但后者的交投量可能因此減少。”

他指出,由于大馬匯市供需失衡,若不修正現有措施和加強流動性,只會延續匯市失衡情況。

國行落實6大措施:

1. 國內企業和基金經理可透過岸內銀行,根據限額,展開對沖或更積極地管理岸外曝險;這包括取消和平倉(unwind)。 每家銀行的每名客戶,可對沖美元和人民幣最高600萬令吉,對比之前僅100萬令吉。

2. 國內外基金經理只需向國行註冊,就可自由和積極地管理外匯曝險,比重最高可達投資資產的25%。
3. 國外投資者和企業可透過大馬岸內銀行(指獲國行營運執照的銀行)的受委海外辦事處, 在大馬岸內交易令吉;這包括外匯對沖、開設令吉戶頭和延長令吉貿易融資。

4. 在擁有令吉借貸的大馬企業,如今可在國內外投資外幣資產,每年限額為5000萬令吉;超過金額者可向國行提出申請;此限額之前只限國外投資,如今擴大至國內投資。個人的每年限額是100萬令吉,同樣擴大到國內外投資。沒有令吉借貸者,投資金額則不受限。

5. 重新平衡匯市的外幣需求,這包括:
– 大馬出口商必須以令吉支付所有貿易付款;
– 出口所得中的75%必須是令吉,最多25%是外幣。

6. 透過造市商,提升次級債券市場的流動性

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Re: FMC
« Reply #5 on: December 03, 2016, 02:14:16 PM »



2016-12-02 22:11
国行再出招护马币‧限制外币投资贷款
国家银行再出招,主要阻止资金外流,包括本地公民每年本地借贷供外币投资限额为100万令吉,企业机构最高则为5000万令吉,超额则需获国行批准。

国家银行再出招,主要阻止资金外流。
(吉隆坡2日讯)为抑制马币贬势,国家银行再出招,主要阻止资金外流,包括本地公民每年本地借贷供外币投资限额为100万令吉,企业机构最高则为5000万令吉,超额则需获国行批准。

广告

 
放宽境内对冲市场

同时,在自由化和放宽岸内马币对冲市场,出口商可为他们的美元和人民币曝露进行护盘,每位客户每家银行最高期额为600万令吉。

国行金融市场委员会公布的这系列措施,主要为加强本地外汇交易市场的流动性,以及扩展和深化大马金融市场,从12月5日(星期一)起正式生效。

不过,国行重申,有关措施并不是管制,而是要发展岸内金融市场的倡议。

国行助理总裁阿德南再拉尼今日在新闻发布会上指出,为了统一外汇资产投资的处理,本地公民及企业机构,可自由在本地借贷马币投资国内外市场的外币资产;不过,个人每年的这类贷款限额为100万令吉,而企业机构则每年限制最高5000万令吉,一旦超过限额则需要获得国行的批准。

他表示,至于本地公民没有国内马币借贷,他们可继续享有投资外币资产,包括在岸内外市场投资任何数额,不受限制。

广告

出口商25%所得
可保持外币

他指出,在处理出口所得及奖掖方面,出口商的25%出口所得可保持为外币,若是需要更高外币数额以达到承诺需要,则需要先行取得国行的批准。

阿德南再拉尼指出,本地公民出口商偿付国内货物及服务的付款,将需要全部以马币付款。

他指出,为鼓励出口所得马币回流,全部出口所得马币将可通过特别存款便利获得较高的回酬率,他们可通过全部商业银行取得每年3.25%利息,此措施将在2017年12月31日截止,以作进一步检讨。

广告
他表示,在护盘对冲措施方面,出口商可为他们的外国货币承诺进行对冲或平仓,最高期限为6个月。

文章来源:
星洲日报/财经‧2016.12.02

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Re: FMC
« Reply #6 on: December 04, 2016, 08:46:34 AM »



2016-12-03 17:59
国行新措施成效有限.马币走势关键在信心
国行不是唯一采取“替代”控制措施的中央银行,且这也不太可能是最后一项措施,相信将会有更多应付资金外流的新措施。
(吉隆坡3日讯)国家银行接连出招捍卫马币,市场观察家指出,预料会带来一点效果,不过却不太可能非常有效,因为信心或是缺乏信心,才是影响马币的主要原因。

广告

 
同时,国行不是唯一采取“替代”控制措施的中央银行,且这也不太可能是最后一项措施,相信将会有更多应付资金外流的新措施。

国家银行甫于11月11日采取措施严禁岸外马币投机活动,引起的外汇市场混乱余波未了之际,昨日再推出6项新措施保护马币,声称有关措施将加强大马岸内市场的流通及深度。

根据《THE EDGE》引述市场观察家指出,上述在2016年12月5日开始生效的新措施,实是国行在不需要动用太多外汇储备金的情况下,以解除马币汇率向下贬跌压力的另一项行动。

国行新措施包括为出口商提供3.25%的特惠存款利率奖励,以便将他们至少75%的出口所得转换回马币,而不是继续留在海外市场或外国货币。

国行限定国民之间的付款,必须全部以马币支付,而不是外币的举措,就是印尼中央银行在2015年7月开始实施的限制。

《THE EDGE》指出,就算是拥有全球最多储备金——高达逾3兆美元的中国,也采取措施让本地国民及企业很难将资金汇出国外。中国对资金的管制,包括对低至500万美元的外国交易及外汇进行检查,仅占以往允许数额的十分之一。

广告

 
激化马币资金外流压力

根据一名不愿透露身份的经济学家指出,预料任何遏止行动,将激化马币的资金外流压力。

“任何可以马币进行的就必须以马币进行,你几乎需要将全部转换为马币。难道这不是资金管制吗?

无论是与否,你还是能够将钱汇出国,不过却不再那么容易。”

文章来源:
星洲日报/财经‧2016.12.03

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Re: FMC
« Reply #7 on: December 06, 2016, 09:10:28 PM »



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BNM rolls out Appointed Overseas Office framework
By Supriya Surendran / theedgemarkets.com   | December 6, 2016 : 8:56 PM MYT   
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KUALA LUMPUR (Dec 6): The Financial Markets Committee (FMC) of Bank Negara Malaysia has rolled out the Appointed Overseas Office (AOO) framework today, following measures announced by the central bank on Dec 2 to enhance liquidity of the foreign exchange market.

In a statement today, Bank Negara said the framework is intended to provide additional flexibilities on ringgit transactions where a non-resident financial institution appointed by a licensed onshore bank can undertake back-to-back transactions to facilitate settlement of trade and ringgit assets between non-resident with a resident.

The framework which was first introduced in 2007, is now expanded to include additional transactions such as foreign exchange hedging (own account/on behalf of client) for current and financial account based on commitment, opening of ringgit account (book keeping) and extension of ringgit trade financing.

“By including non-resident financial institution outside the licensed onshore bank’s banking group, the expanded AOO framework allows non-resident traders and investors, greater avenue to settle trade or investment in ringgit through an approved channel,” read Bank Negara’s statement.

chart_operational_061216_theedgemarkets

AOO refers to an appointed overseas parent company, subsidiary company, sister company, head office or branch of a licensed onshore bank’s banking group, excluding a licensed International Islamic Bank.

Appointed Non-resident Financial Institution (NRFI) refers to an NRFI appointed by a licensed onshore bank and approved by Bank Negara.
 
“Upon approval from BNM” means an appointed overseas office or appointed NRFI requires written approval from Bank Negara, while “freely allowed” means the appointed overseas office does not require approval from Bank Negara

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Re: FMC
« Reply #8 on: December 10, 2016, 08:11:56 AM »



Saturday, 10 December 2016
Bank Negara: Ringgit stabilisation measures encouraging






   
KUALA LUMPUR : Bank Negara’s Financial Markets Committe (FMC) said recent measures to stabilise the ringgit have shown that the currency had rebounded from its recent lows.

In a statement, the FMC provided an update on the initial reactions to the measures.

“While it is still early to measure the benefits from these initiatives, market reactions have been encouraging. In December, the average intra-day movement of the ringgit exchange rate declined to 68 points, being the difference between the daily highest and lowest exchange rate quoted in the interbank market, as compared to 228 points in November,” it said.

It added that the onshore forex market recorded daily average volume of US$8.3bil across all transactions as the market adjusted to the new environment.



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Additionally, activities in the bond market were also healthy with daily average volume of RM4.5bil.

Government benchmark securities rallied by 17 to 29 basis points from Dec 1. An auction of 20-year Malaysia Government Issues (MGII) held during the week was also well-received with a bid-to-cover ratio of 3.75 times with strong interest from financial institutions and insurance companies.

“On the fund manager hedging framework, where registered domestic and foreign fund managers are able to actively manage up to 25% of their invested portfolio, a number of fund managers have approached Bank Negara with four submitted registrations,” it said.

The FMC, together with the central bank, are currently carrying out engagement sessions with parties to gather feedback and arrangements are currently being made to further address the implementation issues.

The FMC further said that it will continue to monitor financial market developments and look forward towards continuous engagement to ensure the development of the onshore market in creating a better and conducive financial environment for all

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Re: FMC
« Reply #9 on: December 16, 2016, 06:51:36 AM »



保经济或令吉?
美升息国行陷两难
2326点看 2016年12月15日

李兴裕

(吉隆坡15日讯)美联储宣布升息25个基点,拖累令吉今日一度跌至4.4665,经济学家表认为,国家银行将陷两难局面,是保住经济?还是保住令吉?


美联储如期宣布升息,联邦基金利率目标被上调至0.5%-0.75%区间,是今年来首次升息,也是10年来第二次升息。

由于美国通胀显著提升,及劳动力市场有所改善,美联储暗示,明年可能还会再升息三次。

回顾9月的会议时,当时美联储预计明年仅会加息两次。

升息决定一出,美元兑一篮子货币随即飙涨,其中,令吉深受冲击。周四早盘,令吉一度挫至4.4665,截至傍晚7时,则企于4.4657。

亚洲货币中,日元跌势最重,令吉排在第5。

资深经济学家李兴裕接受《南洋商报》电访时指出,美联储升息已是市场期待中的事情,对令吉的表现确实负面,因美元升值将导致令吉面临更大的压力。


徐克宇

令吉近期跌势过头

他点出,在我国经济欠佳、又适逢美联储升息的情况下,国行在决策上,也将陷入两难局面。

“若经济不好,理应国行需要降息,不过一旦降息,却又会对令吉施压。国行料进退两难。”

无论如何,李兴裕说,国行早前已采取必要的行动,来应对令吉的跌势。还补充,目前要预计令吉是否还会继续贬值,仍言之过早。

“我们无法太早下定论,应该先让举措发挥效应。”

他坦言,令吉近期的跌势有过头的迹象,合理价值应该在4左右。

丰隆投行研究主管兼经济学家徐克宇也说,令吉虽然会贬值,但国行所祭出的新措施有助于稳定部分跌势。

徐克宇预计,今年杪的令吉将游走在4.20至4.50之间,明年杪则料徘徊在4.10至4.40。


金融体系仍稳定

李兴裕说,令吉将持续波动,而我国外汇储备减少的情况,也是无法避免的事。

再次重申:“储备目前企于964亿美元的水平,但别忘了,我们在2013年的时候,还曾经跌至700亿美元。”

我国截至11月30日的外汇储备下跌了19亿美元,至964亿美元。

他亦认为,虽然令吉犹如陷入下跌黑洞,但还未到糟糕时刻,到需要国行再次出手“救助”。

“虽然令吉走势波动,但我国的金融体系依旧稳定。令吉的表现很大程度上取决于市场的信心与情绪,经济的基本面不仅是数字上的增长。”

李兴裕说,令吉现在处于自由波动的市场,走势有起有落是再正常不过的事情,而市场也应该让走势顺其自然地发展。


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Re: FMC
« Reply #10 on: December 19, 2016, 04:38:01 PM »



BNM denies claims new banknotes will be issued in 2017
Monday December 19, 2016
04:17 PM GMT+8

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BNM said that the current series of banknotes would continue to be legal tender and remain in circulation. — Reuters pic
BNM said that the current series of banknotes would continue to be legal tender and remain in circulation. — Reuters pic
KUALA LUMPUR, Dec 19 — The central bank today denied claims that new banknotes of RM1, RM5, RM50 and RM100 denomination will be issued in 2017.

“Bank Negara Malaysia would like to confirm that this news is not true.

“The current series of banknotes would continue to be legal tender and remain in circulation,” it said in its official website.

BNM was responding to a chain message, circulated on Whatsapp, which stated that the new notes would come into circulation in January and old currencies would not be of any value. — Bernama

- See more at: http://www.themalaymailonline.com/malaysia/article/bnm-denies-claims-new-banknotes-will-be-issued-in-2017#sthash.dFAAp0yM.dpuf

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Re: FMC
« Reply #11 on: December 21, 2016, 08:53:56 AM »



【独家】外汇兑换程序放宽
国行:出口商须符3情况
1369点看 2016年12月20日
独家报道:蔡晓薇、廖梅芳
(八打灵再也20日讯)国家银行强化令吉措施引起出口商强烈反弹,国行也放宽弹性处理外汇兑换程序,除了让出口商能以相同兑换率把出口所得再从令吉兑换成外币,而直到2017年3月31日,所有之前以外汇交易的合约,可继续透过外汇完成交易。

出口商能以相同兑换率,把出口所得再从令吉兑换成外币,只要符合三个情况,即:


(一)出口商最高可再兑换的数目是6个月的入口所需数额,而且有关入口须具有外汇偿贷义务;

(二)必须是现有国际交易;

(三)截至2017年3月31日,所有之前以外汇交易的合约,可继续透过外汇完成交易。

就第三种情况,当局是根据所发布的新措施,意即所有新合约及更新合约最终是需以令吉完成交易。

国行是在本月15日,在其官网列出75条有关对冲交易灵活性的问答题,解答投资者就国行落实强化令吉举措后产生的疑问。

完整报道,请看明日《南洋商报》


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Re: FMC
« Reply #12 on: December 27, 2016, 02:00:37 PM »



BNM tells financial institutions to heed FSA reporting obligations
 banknegaramalaysia
 0 comments      Bernama     Published Today 1:26 pm     Updated Today 1:29 pm

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Bank Negara Malaysia (BNM) is reminding all financial institutions to observe reporting obligations imposed under the Financial Services Act 2013 (FSA) particularly on the requirement to promptly notify the central bank of any significant findings.

In a statement today, BNM said it has initiated enforcement actions under the FSA against a financial institution for failure to promptly notify BNM of a significant audit finding in relation to its dealers’ misconduct involving the fixing of the USD/MYR exchange rate.

"The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process," it said.


In this regard, the central bank said it had commenced the due process as stipulated under the FSA.

BNM said it views such reporting breaches seriously, especially on financial institutions’ involvement with offshore ringgit non-deliverable forward (NDF) market or any activities that relate to market manipulation.

The central bank said it will not hesitate to take appropriate enforcement actions against any other financial institutions which have breached provisions under the FSA.

The enforcement actions may include the imposition of monetary penalties, issuance of a written order to comply, making public reprimands and issuance of a written order to mitigate or remedy such breaches, said BNM.
- Bernama



Read more: https://www.malaysiakini.com/news/367338#ixzz4U0y4ckoX

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Re: FMC
« Reply #13 on: December 27, 2016, 02:17:24 PM »



   
Bank Negara acts against firm over ringgit trade
Reuters | December 27, 2016
Central bank says it views breaches involving offshore ringgit trade seriously.
bnm_ringgit_16001

KUALA LUMPUR: Bank Negara Malaysia said it was taking action against an unamed financial institution for failing to promptly notify the central bank of a “significant audit finding” related to its dealers’ misconduct involving the fixing of the dollar-ringgit exchange rate.
The action could include monetary penalties, issuance of a written order to comply, a public reprimand and a written order to mitigate or remedy such breaches, it said in a statement, without naming the financial institution.

“The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process,” Bank Negara said in a statement.
The central bank said it viewed such breaches seriously, “especially on financial institutions’ involvement with offshore ringgit NDF (non-deliverable forward) market or any activities that relates towards market manipulation.

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Re: FMC
« Reply #14 on: December 27, 2016, 02:32:03 PM »



涉操纵令吉美元兑换率
国行对付1金融机构
813点看 2016年12月27日
(吉隆坡27日讯)针对一家金融机构未能及时通知国家银行一项重要审核结果,也就是有关交易商涉及操纵令吉兑美元兑换率的不当行为,国行已展开执法行动。

今日,国行发文告指,调查结果显示交易商与其他海外金融机构之间的沟通,包括不当地引用操纵汇率报价程序。

对此,国行已根据金融服务法(FSA)展开正当程序。


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Re: FMC
« Reply #15 on: December 28, 2016, 08:48:15 AM »



December 27, 2016 7:48 pm JST
Malaysia takes action against ringgit rate-fixing misconduct
KUALA LUMPUR (NewsRise) -- Malaysia's central bank Tuesday said it has initiated action against a financial institution for failing to promptly report a dealer's misconduct in fixing the U.S. dollar-ringgit exchange rate.

A "significant" audit finding indicates communications - including "inappropriate" references to the fixing rate submission process -- with traders from other foreign financial institutions, Bank Negara Malaysia said in a statement. The central bank didn't name the parties involved.

The move comes as Malaysia grapples with a steadily weakening ringgit that plunged to its lowest since the 1998 Asian Financial Crisis. So far this year, the ringgit has declined nearly 4.0% against the U.S. dollar, adding to last year's 19% fall that made it the worst performing Asian currency in 2015.

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In response, the central bank has intervened in the market to smoothen volatilities and tightened laws governing the use of non-deliverable forwards. BNM has also recently announced a raft of measures to boost liquidity in the domestic currency market.

"The bank views such reporting breaches seriously," BNM said, singling out financial institutions' involvement with offshore ringgit non-deliverable forwards market "or any activities that relates towards market manipulation."

The central bank didn't specify the enforcement actions involved, although the law allows monetary penalties, public reprimands, and written orders to comply, mitigate or remedy such breaches.

The Malaysian ringgit remains one of Asia's non-internationalized currencies. That largely means the currency can't be traded freely in the foreign exchange market and traders rely on offshore trading of the ringgit with the use of non-deliverable forward for hedging and speculations.

Last month, two of Australia's biggest banks -- Australia & New Zealand Banking Group and Macquarie Group -- admitted that several employees in Singapore tried to rig a benchmark Malaysian rate in what regulators described as "cartel conduct" in 2011. Although attempts of the unnamed employees weren't successful, the two banks agreed to pay fines totaling 15 million Australian dollars as settlement.

The ringgit has been weighed under concerns ranging from a lingering financial scandal at a state-owned investment agency linked to Prime Minister Najib Razak to prospects of rising U.S. interest rates following the shock victory of Donald Trump.

Najib, who is also the country's finance minister, has been at the center of allegations that he received hundreds of millions of dollars drawn out of state investment fund 1 Malaysia Development Bhd, or 1MDB.

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Re: FMC
« Reply #16 on: December 28, 2016, 02:14:42 PM »



Bank Negara: 'Disruptive' influence from NDF on ringgit has subsided
 ringgit ringgittransactions
 1 comments      Reuters     Published Today 1:22 pm     Updated Today 1:27 pm

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Bank Negara Malaysia said today the "disruptive influence" from the non-deliverable forward (NDF) market on the ringgit has subsided, making a success of its efforts to stifle the offshore market.

Last month the central bank began trying to force currency traders overseas to stop driving the ringgit lower and demanded that banks sign a commitment to cease trading the ringgit on the offshore NDF market. It also said it would implement several measures to boost onshore ringgit trade.

Liquidity on the onshore foreign exchange market registered a daily average volume of around US$9 billion this month, compared with a monthly average of US$8 billion in the previous 11 months, Bank Negara Malaysia said in a statement today.

"FX flows comprise supply and demand from all major participants, including the exporters/importers, portfolio related and direct investments," the central bank said.

- Reuters



Read more: https://www.malaysiakini.com/news/367437#ixzz4U6sC0z00

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Re: FMC
« Reply #17 on: January 08, 2017, 07:05:50 PM »



 143 3 1 154
‘Face it, forcing exporters to change earnings to ringgit got us nowhere’
Looi Sue-Chern | January 8, 2017
Lim Guan Eng calls for a rethink on the Bank Negara ruling hurting exporters.
guan-eng

GEORGE TOWN: Penang has again called for a rethink on the Bank Negara ruling that exporters must convert 75% of their earnings to ringgit.
It was reported last month that as a measure to increase demand for the ringgit, Bank Negara is compelling exporters to convert 75% of their earnings into the local currency.
Before this, they were allowed to hold their proceeds in foreign currencies. Most are holding their export proceeds in US dollars with local banks. Based on reports, it is estimated that close to RM90 billion is being held in foreign currencies by exporters.
But Penang Chief Minister Lim Guan Eng said today that the measure imposed by Bank Negara Malaysia last month had obviously failed to help the ringgit, Asian’s worst performing currency.
He said the central bank imposed the measure when the ringgit was valued at 4.20 against the US dollar, but instead of improving, the ringgit fell further to 4.50 recently.
“It proves that this is not an effective measure to arrest the ringgit’s decline. The ruling should be scrapped.
“If the government wants to save face, then reduce it to 25%. But abolishing it will be best,” he told reporters at Komtar today.
Lim, who had already raised concerns about the ruling last month, said the conversion requirement burdened exporters, impacted the manufacturing sector badly and hurt the investment climate.
“Exporters face a double whammy with this ruling, which is unfair to them.
“They have to bear transaction costs, paying commissions when they convert the currency into ringgit and then back to the US dollar when they trade later, and then face foreign exchange losses.”

Lim said his administration had been getting a lot of complaints from exporters that operated in Penang.
Although none of the foreign investors had said they were pulling out because of the ruling, he said the state was worried that it would be very tough to attract future investors.
“There are talks now that this ruling is a prelude to the government imposing capital controls like in the late nineties.
“This will cause investors to lose interest in Malaysia. They will now think carefully about investing in Malaysia,” he said.
Lim also said this situation was not helping Malaysia when US president-elect Donald Trump had openly declared his distaste for American companies moving their operations overseas and has promised to impose punitive taxes on them.
“With Trump, it is already going to be tough. Imposing this currency conversion ruling does not help at all. It is a ‘makan tuan’ move,” he said, using the bahasa term for “doing something that ends up hurting oneself”.
Lim said he would write to Prime Minister Najib Razak, who is also Finance Minister, in the next few days to ask him to rethink the ruling.
“We should be trying to regain investors’ confidence, or at least allay fears of capital control,” he said.
Penang Hill Corporation (PHC) consultant Ng Wee Kok (left) hands over duties to new PHC general manager Cheok Lay Leng (right) as Chief Minister Lim Guan Eng looks on. Ng was acting GM.
Penang Hill Corporation (PHC) consultant Ng Wee Kok (left) hands over duties to new PHC general manager Cheok Lay Leng (right) as Chief Minister Lim Guan Eng looks on. Ng was acting GM.
Lim also announced the appointment of technopreneur Cheok Lay Leng as the new general manager of state agency Penang Hill Corporation.
Cheok, 55, was president of Asia operations at Netronome Systems Inc, an American-based tech startup focusing on data centre networking and cybersecurity solutions, before retiring in April last year.
Lim said the position was reserved for engineers by training as the corporation dealt with the operation of the funicular train, which was recording increases in passenger traffic.
Last year, the passenger load recorded over 1.6 million people, an increase from 2015’s 1.57 million.
“We aim to make Penang Hill into the number one hill tourist destination in Malaysia. There are many new attractions for people to see.
“This is going to be a tough year due to the economy but we hope to maintain the good performance so far,” Lim said

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Re: FMC
« Reply #18 on: January 12, 2017, 01:38:41 PM »



New currency rules hurting Penang's industries, PM told
 penang banknegaramalaysia
 0 comments     Published Today 12:06 pm     Updated Today 12:21 pm

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The Penang government has voiced objection to the latest rules by Bank Negara's Financial Markets Committee (FMC) to develop the onshore financial market.

In a letter to Prime Minister Najib Abdul Razak today, Penang Chief Minister Lim Guan Eng said the new rules had caused hardship to businesses, traders and exporters, especially those in the electrical and electronics sector



Read more: https://www.malaysiakini.com/news/369000#ixzz4VWQtzGRH

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Re: FMC
« Reply #19 on: January 13, 2017, 07:20:34 PM »



 6 2 0 8
BNM not ruling out more measures to protect ringgit
Bloomberg | January 13, 2017
Governor says these new measures are not capital controls, not fixing of the ringgit, but to stabilize the ringgit.
BNM-ringgit

KUALA LUMPUR: Malaysia’s central bank will consider introducing more measures to stabilize the ringgit if needed as previous steps to reduce speculation of the currency show progress, Governor Muhammad Ibrahim said.
Bank Negara Malaysia could look at ways to improve liquidity if necessary, Muhammad told reporters in Kuala Lumpur today.
“Only if appropriate, we will introduce new measures,” the governor said. “But these new measures are not capital controls, not fixing of the ringgit, but to stabilize the ringgit. Making sure that people who want the dollar will get the dollar, people who want the ringgit will have access to it. And then to make sure that liquidity is always there in our market.”


The central bank in Malaysia in November stoked fears of a return to capital controls — which were imposed during the 1998 currency crisis and had since been removed — when it clamped down on foreign banks using offshore forwards to bet against the ringgit. Last month, it said it would provide greater hedging flexibility in its onshore currency market and told exporters they should hold at least 75% of export proceeds in ringgit.
The currency has been the hardest hit of Asian emerging markets since Donald Trump’s victory in the U.S. election in November, which spurred bets of more Federal Reserve rate increases. The ringgit has lost 5.3% against the dollar since Nov. 9, and breached 4.5 a dollar on Jan. 4 for the first time since 1998 as investors continued to sell down emerging-market assets.
The central bank’s currency measures will take three to six months to show results though initial outcomes show the ringgit has stabilized “very much,” Muhammad said.
“We should not be fixated on any particular level,” Muhammad said. “It’s very important for the ringgit, once we realigned between the demand and the supply, for it to be dictated by actual demand and supply for the currency. That’s where the ringgit will stabilize, and it will find its natural level as we realign the demand and supply.”

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Re: FMC
« Reply #20 on: January 14, 2017, 06:50:08 AM »



国內  2017年01月13日
令吉料半年內可恢復平稳

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令吉料半年內可恢復平稳

(吉隆坡13日讯 ) 国家银行总裁拿督莫哈末依布拉欣指出,隨著国行去年12月推出扶持马幣的措施,预算令吉兑美元的匯率將在6月个內恢復平稳。

他表示,国行於去年12月2日推出6项扶持马幣的措施,至今仅1个月的时间,但令吉走势已日趋稳定,因此预计令吉將在3至6个月內恢復平稳。

「目前要评估这些措施的成效仍言之尚早,但初步成果显示,令吉確实已趋向平稳。」

他今日是在「2017年金融嘉年华」推介仪式后接受媒体採访时,如是指出。


佐哈里(中)和依布拉欣(右2)与获得「金融嘉年华」特別贡献奖项的得奖者在台前合影。左起:国家储蓄银行首席执行员拿督阿德南、大马保诚保险首席执行员顏良兴及马来亚银行主席丹斯里查哈鲁丁。
佐哈里(中)和依布拉欣(右2)与获得「金融嘉年华」特別贡献奖项的得奖者在台前合影。左起:国家储蓄银行首席执行员拿督阿德南、大马保诚保险首席执行员顏良兴及马来亚银行主席丹斯里查哈鲁丁。

不推行货幣管制

他表示,如有必要,国行將在未来推出其他新的举措,以稳定马幣的波动,但並不会通过锁定匯率的方式来扶持马幣。

「我们只会在適当的时候推出新措施,但我们不会推行货幣管制,也不会锁定匯率。市场需求及供应將决定令吉的匯价。」

依布拉欣指出,隶属国家银行的金融市场委员会(FMC)在公佈了这些防止马幣贬值的措施后,已成功抑制金融市场上的投机活动。

此外,他驳斥有关令吉下滑导致我国经济衰退一说,並称,我国的经济一直都在稳定增长。

「我国的经济一直维持著4%至5%的成长率,在弹性的货幣政策下,令吉走势难免会受到一些外围因素的影响,如美国的货幣政策及世界政治格局等。」

他强调,马幣走弱並非稀有之事,其他国家同样也面对货幣贬值的挑战。

他表示,在此之前,本地令吉的供应与需求失衡,如出口商大多没有把出口收入兑换成马幣带回境內,加剧了贬值现象。

「好比在2015年,我国游客在国外消费额高达410亿令吉,而外劳匯款总数也高达340亿令吉,当令吉的需求下降,贬势就会出现。」

他坦言,国人难免会对令吉疲软感到担忧,但这並不代表著我国的经济状况。

「在这个充满挑战性的经济大环境下,货幣的匯率一直都在变化。我相信在去年12月2日所推出的举措將有助於稳定马幣,而国行及金融市场委员会也会持续监督金融市场的状况,並隨时做出相应的调整。

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Re: FMC
« Reply #21 on: January 16, 2017, 05:38:27 PM »



'Demand, supply imbalance among reason for ringgit's decline'
 banknegara muhammadibrahim
 5 comments      Bernama     Published Today 4:33 pm     Updated Today 4:43 pm

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Demand and supply imbalances in the domestic foreign exchange market intensified the pressure on the ringgit's decline, said Bank Negara governor Muhammad Ibrahim.

"Our country has been a net exporter and the current account position in the balance of payments has always been in surplus since more than a decade ago.

"However, when the imbalances formed as a result of foreign exchange export proceeds not being converted into ringgit, conditions deteriorated and thus reduced the demand for the ringgit," he said in his opening remarks at the 'Karnival Kewangan 2017', held on Friday.

It also occurred due to other factors, for example, in 2015, capital outflows due to the spending of Malaysians abroad amounted to RM41 billion while outflows from foreign worker remittances amounted to RM34 billion.

"Hence, when the demand for the currency falls, the currency will consequently depreciate," he said when outlining reasons for the ringgit's decline.

To stem the ringgit's depreciation, the central bank took several measures last December, which included allowing exporters to retain only up to 25 percent of export proceeds in foreign currencies.

The remaining 75 percent has to be ringgit denominated.


Other reasons for the decline was also due to some investors taking advantage, amid the market turmoil and uncertainty, to gain profits through speculative activities in the offshore ringgit non-deliverable forward market.

The bank's proactive steps had helped subside the disruptive influence of speculative activities on the ringgit in the offshore market, he said.

"In addition, imbalances in the domestic foreign exchange market have improved while the ringgit's volatility has also reduced," he said.

The governor also revealed that legal action was taken on several foreign banks that were severely fined for being involved in manipulative price fixing.

- Bernama



Read more: https://www.malaysiakini.com/news/369430#ixzz4VunK6VMz

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Re: FMC
« Reply #22 on: February 07, 2017, 06:48:49 AM »



Malaysia's Ringgit Crackdown Spooks Overseas Investors
by Y-Sing Liau  and Yumi Teso
February 7, 2017, 12:00 AM GMT+8
Restrictions are making market lose confidence, NAB’s Wee says
Global funds cut Malaysian debt holdings by most since 2008
Malaysia’s crackdown on currency speculators has come at a cost. While it successfully reduced ringgit volatility, it is threatening to discourage overseas investors.

The central bank’s steps to curb trading in offshore non-deliverable forwards last year has made it harder for global funds to hedge their exposure to Malaysia, according to Macquarie Bank Ltd. Global funds cut holdings of Malaysian debt by a combined 25.2 billion ringgit ($5.7 billion) in November and December, the biggest two-month outflow since 2008, central bank data show.

The difference between onshore and forward prices for the ringgit jumped to a record in November, spurring the central bank to crack down on NDF trading. Since then, the currency’s volatility has dwindled to the lowest in four years, while the ringgit slid to the weakest since 1998 even as oil prices showed signs of recovery and the central bank dismissed speculation it was about to impose capital controls.


“The initial imposition of the NDF restrictions did lead to talk of the potential of further restrictions and even capital account closure,” said Julian Wee, a senior market strategist at National Australia Bank in Singapore. “These sort of measures tend to lead to a loss of confidence in the market, which was already jittery. However, the overall direction and movement in the dollar-ringgit has been due to the overall dollar trend in addition to BNM’s inability to resist it.”

A measure of one-month volatility for the ringgit has tumbled since mid-November when the central bank warned foreign banks not to engage in NDF-related transactions, turning the currency into emerging Asia’s least volatile from the most. Volatility dropped to 2.5 percent last week, the lowest since December 2012.

The ringgit has fallen almost 2 percent since Nov. 15, the region’s worst performer after the yen, and reached 4.5002 per dollar on Jan. 4, the weakest since the Asian financial crisis. The currency will slide to 4.54 by mid-year, according to a Bloomberg survey. It was at 4.4280 as of 5:30 p.m. in Kuala Lumpur on Monday.


Not everyone is pessimistic. United Overseas Bank Ltd. predicts the currency will strengthen to 4.35 per dollar by June 30 as it regains a positive correlation with crude oil. Oil-related products are Malaysia’s second-largest export.

“The ringgit’s previously high-beta or sensitivity to dollar moves is clearly diminished,” said Peter Chia, a currency strategist at UOB in Singapore. “Factors in favor of a firmer ringgit include our estimated fair value of 3.90 and a return of the positive correlation to firmer oil prices.”


Bank Negara blamed the “opaque” offshore NDF market for worsening the pressure on the ringgit and said the currency’s pricing should never be disconnected from real economic activities in the onshore market.

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Traders remain wary even after central bank Governor Muhammad Ibrahim allowed for greater hedging flexibility in the onshore currency market in an attempt to discourage the use of NDFs. In measures that took effect in December, Bank Negara pledged to ensure there would be "continuous liquidity of foreign currency" in the onshore market, and placed a cap on the amount of export proceeds companies can hold in foreign currency.
Malaysia’s dwindling foreign-exchange reserves mean it has less power to defend its currency. Reserves dropped to a 14-month low of $94.3 billion, according to the most recent data through Jan. 13. The country is the only one in Southeast Asia to have seen reserves decline in each of the past four years.

The ringgit is poised to end this year at 4.80 per dollar, close to the record low of 4.8850 reached in January 1998, according to Nizam Idris, head of foreign-exchange and fixed-income strategy at Macquarie Bank Ltd. in Singapore.

For market participant, the NDF crackdown has done some harm, he said. “While Bank Negara can say the onshore USD/MYR deliverable forward market could provide that hedge option, it is less liquid, certainly for after-hours trades. The cost of hedging for foreign investors has definitely risen at the margin.”

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Re: FMC
« Reply #23 on: February 08, 2017, 07:42:41 PM »



Wednesday, 8 February 2017
Bank Negara eases forex rules
BY M SHANMUGAMandYVONNE TAN

image: http://www.thestar.com.my/~/media/online/2016/11/25/08/58/banks-montage2-18nov2016.ashx/?w=620&h=413&crop=1&hash=542BBF25EF2F0F83A793A7181CEA45CE8F307DEF
Effective yesterday, local banks are allowed to transact any foreign currencies up to US$1mil.  For instance, a local bank can undertake the exchange from US dollars to the ringgit or vice versa for any trade up to US$1mil.
Effective yesterday, local banks are allowed to transact any foreign currencies up to US$1mil. For instance, a local bank can undertake the exchange from US dollars to the ringgit or vice versa for any trade up to US$1mil.
 
PETALING JAYA: Bank Negara has eased some of the restrictions in the foreign exchange (forex) market to allow for some trading of US dollar/ringgit transactions between local banks.

 
Effective yesterday, local banks are allowed to transact any foreign currencies up to US$1mil.

For instance, a local bank can undertake the exchange from US dollars to the ringgit or vice versa for any trade up to US$1mil.

According to dealers, the notice from Bank Negara came yesterday.

image: http://bcp.crwdcntrl.net/5/c=5593/b=37490439


Since Nov 11 last year, when the US dollar started to spike up against emerging-market currencies, Bank Negara has been imposing restrictions on forex transactions in an effort to curb the influence of the offshore ringgit market on onshore exchange rates between the US dollar and the ringgit.

Among the restrictions were that local banks were not allowed to enter into transactions with banks that were not incorporated in Malaysia, exporters were compelled to convert 75% of their proceeds into the ringgit, and non-Malaysian banks had to attest that their US dollar-ringgit transactions were not used to settle trades in the non-deliverable forward or NDF market.

Since Nov 11, transactions involving foreign currencies were handled by the central bank. Banks acted as conduits to customers who wanted to convert their US dollars to the ringgit for any amount.

“Effective yesterday, local banks can trade among themselves for transactions of less that US$1mil. This has given marginal life for trading in the inter-bank forex market.

“But it is only a small step. Banks need a lot more leeway for trading in the inter-bank market to pick up pace,” said a source.

Bank Negara’s move to ease the restrictions on the trading of the ringgit versus the US dollar comes as there is some improvement in key economic data that led to an increase in international reserves.

Bank Negara’s international reserves rose to US$95bil (equivalent to RM426bil) as at Jan 31, 2017 from US$94.3bil as at Jan 13, 2017.

The reserves position is sufficient to finance 8.6 months of retained imports and is 1.3 times the short-term external debt, Bank Negara said in a statement.

Apart from international reserves, loans to households, which have been a concern since 2015, slowed down, prompting a leading rating agency to describe the development as positive towards enhancing the asset quality of Malaysian banks and moderating household debt levels.

In a statement released yesterday, Moody’s Investors Service vice president and senior analyst Simon Chen pointed out that the continued deceleration of household loan growth would help stabilise the high household leverage situation in Malaysia, which is among the highest in Asia.

“We expect that household debt to gross domestic product (GDP) for 2016 will moderate from the 89% recorded at end-2015,” he said in the statement.

Bank Negara’s recently released data showed a slower growth in household loans in 2016 from a year earlier.

The central bank’s data showed that as at end-2016, total outstanding household loans made up 57% of total banking system loans and had grown 5%, which was marginally slower than the year before.

Economists concurred that going forward, a continued slowdown in loans to households would result in the household debt-to-GDP ratio moderating.

“However, the debt-to-GDP ratio needs to stabilise first before a downward trend can become more apparent,” AllianceDBS chief economist Manokaran Mottain said.

Chen also pointed out that in 2016, growth in household loans was driven by safer housing loans – specifically, loans supported by property collateral – and which exhibited low delinquency ratios, while the growth in riskier unsecured loans remained weak.

Citing Bank Negara data, Chen also said a decline in auto loan growth also reflected households’ increasing cautiousness towards discretionary spending.

Slow growth in unsecured personal loans and credit cards had reduced the banks’ exposure to these risky loans to 12% of total household loans at end-2016 from a high of 15% at end-2011, which is positive for the banks’ asset quality, he added.

Meanwhile, CIMB Research in a recent report noted that leading loan indicators remained weak last December, mainly due to an 11% to 14% year-on-year (y-o-y) decline in the indicators for residential mortgages, but the contraction in the indicators for working capital loans narrowed.

“Loan applications and approvals fell by 8% and 12.8% y-o-y, respectively, in Dec 16.

“Judging by the uninspiring growth in leading loan indicators and still weak business/consumer sentiment, we see limited scope for a strong recovery in the industry’s loan momentum in 2017. Hence, we are projecting a loan growth of 5%-6% for 2017,” it said, adding that it remained overweight on the banking sector.

According to Kenanga Research, on the whole, y-o-y, both business and households saw a weakening in growth at 4.5% and 6.1%, respectively, (2015: 7.3% and 8.1% y-o-y, respectively). “We expect the growth rate to show weakness for 2017,” the research house added.

Moody’s, meanwhile, also said among the Malaysian banks it rated, Public Bank Bhd and Hong Leong Bank Bhd – the banks with the largest exposure to the household sector – would benefit the most from further improvements in the leverage profile of households


Read more at http://www.thestar.com.my/business/business-news/2017/02/08/bank-negara-eases-forex-rules/#LlpWExi707oKujgB.99

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Re: FMC
« Reply #24 on: February 09, 2017, 07:06:24 AM »



Highlight
Feb 6 forex rules changes not an easing of restrictions — BNM
By Adam Aziz / theedgemarkets.com   | February 8, 2017 : 6:01 PM MYT   
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Translated by Google Translator:
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KUALA LUMPUR (Feb 8): Bank Negara Malaysia (BNM) says the changes to operational arrangements between the central bank and onshore banks on Feb 6 are not an easing of restrictions as reported by a newspaper today.

Instead, the changes are merely a refinement of the existing operational arrangements, said BNM.

"Onshore banks have always been free to trade in any amount in the domestic foreign exchange interbank market," it said in a statement today.

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BNM said the refined operational arrangement relates to export proceeds conversion rules.

"Onshore banks can now utilise export proceeds conversion of less than US$1 million per transaction to meet their clients' foreign currency requirements without referring to BNM," it said.

"This allows the onshore banks to better manage their conversion operations during the day without compromising on the objective of the measures announced on Dec 2, 2016," it added.

On Dec 2, BNM had, through the Financial Markets Committee, announced several measures to enhance the liquidity of foreign exchange market after its clampdown on offshore ringgit speculation in the non-deliverable forward market the month before.

The measures included allowing local fund managers to freely hedge their US dollar and renminbi exposures up to a limit of RM6 million per client per bank, and for any fund manager to actively manage their foreign exchange exposure of up to 25% of invested assets.

Exporters, on the other hand, have to convert 75% of their export proceeds to ringgit instead of keeping them overseas or in foreign currencies, with a special 3.25% deposit rate reward

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Re: FMC
« Reply #25 on: February 27, 2017, 07:25:56 PM »



Malaysia’s currency curbs boomerang on bond markets
Published: February 27, 2017 05:11 PM GMT+8

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The ringgit was the weakest currency in emerging Asia last year after China’s yuan, prompting Bank Negara to get a written commitment from foreign banks to stop trading ringgit non-deliverable forwards (NDFs), offshore contracts they use to hedge their exposure to the currency. — Reuters pic
The ringgit was the weakest currency in emerging Asia last year after China’s yuan, prompting Bank Negara to get a written commitment from foreign banks to stop trading ringgit non-deliverable forwards (NDFs), offshore contracts they use to hedge their exposure to the currency. — Reuters pic
SINGAPORE, Feb 27 — When Malaysia forced foreign investors in its markets not to dabble in offshore derivatives in its currency last year, its target was speculative pressure on the ringgit, but it appears to have shot itself in the foot.

The ringgit was the weakest currency in emerging Asia last year after China’s yuan, prompting Malaysia’s central bank to get a written commitment from foreign banks to stop trading ringgit non-deliverable forwards (NDFs), offshore contracts they use to hedge their exposure to the currency.

The upshot has been a flood of money leaving Malaysian bonds as foreigners, who own US$47 billion of them, were unable to hedge their risks in onshore markets because of a lack of liquidity.

“It’s a market that’s kind of been destroyed,” said Gene Frieda, the London-based global strategist at bond giant fund Pimco, who blamed the inability to hedge for making it difficult to make significant bond trades.

Although Frieda said the currency now looked cheap compared with regional peers, he couldn’t see it rallying under the circumstances.

“We don’t find the bond market particularly interesting at these levels,” he said.


Analysts at Nomura say November-to-January capital outflows from Malaysia hit a record for a three-month period, when RM27.9 billion (US$6.3 billion) of foreign cash upped and left. Foreign holding of government bonds fell to 46 per cent of the total outstanding value, from 51.6 per cent in October.

The South-east Asian nation’s US$97.7 billion of currency reserves are looking vulnerable after having fallen by US$3 billion in three months, and the ringgit has fallen 5.7 per cent since the end of October.

Drying up

The central bank, Bank Negara Malaysia(BNM), insists that the NDF market is volatile, opaque and subject to abuse, and it told Reuters it was committed to its policy.

“BNM will continue to enforce the policy of non-facilitation of NDF trading rules on the onshore banks to protect consumers’ interests,” it said.

It also insisted that the onshore markets were deep and broad enough to facilitate hedging, with spot and forward trade volumes worth more than US$152.4 billion over January and until February 22, of which non-residents accounted for 42.5 per cent.

But foreign investors say that while the BNM has succeeded in drying up the NDF offshore market, there just aren’t enough onshore sources of dollars to take the other side of their trade.

“The NDF market is now extremely illiquid,” said Prashant Singh, lead portfolio manager with Neuberger Berman in Singapore.

“The onshore market is also illiquid, and there is no natural seller of dollars other than BNM themselves for now.”

Traders say the BNM’s own sales are too irregular to be reliable for their purposes.

The capital outflows do not yet represent a crisis for an economy that still runs a trade surplus, but further capital outflows could result in a sharper ringgit fall, tighten financial conditions and thus threaten both growth and market stability.

Investors’ immediate concern is that the foreign money in 10.5 billion ringgit of bonds maturing in mid-March will flee. They already suspect that much of the overseas cash in an 8.75 billion ringgit chunk that matured in mid-February has left the country.

Mohammad Hasif Murad, investment manager at Aberdeen Islamic Asset Management Sdn Bhd, which holds Malaysian government bonds and has some bonds maturing in February and March, said the firm had repatriated some of the proceeds of matured bonds, but has also “strategically reinvested in specific tenors where we see value”.

Aberdeen Asia has assets of US$3.5 billion, and its allocation to Malaysian local currency assets is approximately US$110 million.

Fixed income managers at Old Mutual Global Investors, which has 29 billion pounds (US$36.4 billion) under management, paint a gloomy picture.

“We are currently underweight Malaysian bonds and underweight duration given the risk of increased outflows from offshore investors and a likely re-steepening of the local curve as domestic demand will struggle to absorb new debt supply,” they said in a note.

There was little incentive to invest in Malaysian bonds without the ability to hedge, given the likelihood that the ringgit will remain undervalued due to increased capital outflows, they said in a note.

Pimco’s Frieda says the currency could at some point be an attractive buy, provided there was enough liquidity to transact freely.

“You still have to be able to get in and get out,” he said. — Reuters

- See more at: http://m.themalaymailonline.com/money/article/malaysias-currency-curbs-boomerang-on-bond-markets#sthash.BRKTePJK.dpuf

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Re: FMC
« Reply #26 on: June 02, 2017, 06:58:26 AM »



Financial market in orderly state: BNM
Posted on 1 June 2017 - 10:36am
sunbiz@thesundaily.com
Print
PETALING JAYA: Bank Negara Malaysia (BNM) said the domestic financial market conditions remained orderly as the equity market continued to receive non-resident inflows amid improved domestic sentiments following better-than-expected corporate earnings.

In its monthly highlights released yesterday, the central bank also expressed its optimism about Malaysia’s economy given the improving current account surplus and trade outlook resulted in a resumption of non-resident inflows into the domestic bond market during the month.

Bond yields also declined amid continued support from domestic institutional investors.

BNM said financial institutions are well-positioned to withstand any adverse macroeconomic and financial shocks, with capital buffers of RM132.5 billion as at April 2017.

Robust growth was recorded across all export categories, with manufactured export growth continued to be driven by semiconductor devices and petroleum products.

Going forward, the central bank said exports will continue to be supported by the improvement in global demand.

On the currency front, the ringgit was the best performer in the region in April, with a 1% appreciation against US dollar following inflows into both the bond and equity markets.

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Re: FMC
« Reply #27 on: August 10, 2017, 07:26:57 AM »




Wednesday, 9 August 2017 | MYT 7:37 PM
Bank Negara slams SGX’s introduction of ringgit futures
BY M. HAFIDZ MAHPAR

image: http://www.thestar.com.my/~/media/online/2017/08/09/11/41/dcx_doc6t253goeh2b5mjafbi3.ashx/?w=620&h=413&crop=1&hash=BF68A5E912CF32BD73E930F18B02881263B987B6

 
KUALA LUMPUR: Bank Negara Malaysia has slammed the Singapore Exchange’s decision to introduce the ringgit futures, saying that the ringgit is a non-internationalised currency and thus offshore trading of ringgit on exchanges abroad is against the country’s policy.

The full statement is given below:

BNM Stance on Ringgit Currency Derivatives Products in Offshore Market

The recent introduction of the ringgit futures at the Singapore Stock Exchange (SGX) and the Intercontinental Exchange (ICE) or ICE Futures Singapore is inconsistent with Malaysia’s foreign exchange administration (FEA) policy and rules.

The Malaysian ringgit is a non-internationalised currency and thus, offshore trading of ringgit, in any form whether as a non-deliverable forward traded out of offshore financial centres or as a futures, options and other derivative contracts on exchanges outside of Malaysia, is against Malaysia’s policy.

Bank Negara Malaysia (BNM) would like to remind all market participants to observe the existing FEA rules. Contravention of the FEA is an offence under the Financial Services Act 2013 and Islamic Financial Services Act 2013. Appropriate action under the law will be taken against any person that does not comply with prevailing rules and regulations. Foreign participants should access the onshore ringgit foreign exchange market to meet their financial needs, either directly with onshore licensed financial institutions or their Appointed Overseas Office (AOO).
 
 
TAGS / KEYWORDS:
Forex , Banking , Bank Negara Malaysia

Read more at http://www.thestar.com.my/business/business-news/2017/08/09/bank-negara-slams-sgxs-introduction-of-ringgit-futures/#CAEvqryHWX3PcFGQ.99

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Re: FMC
« Reply #28 on: August 10, 2017, 07:29:49 AM »





新交所推令吉期货 国行:违反大马政策
財经 最后更新 2017年08月9日 21时30分
新交所推令吉期货 国行:违反大马政策

1分享
(吉隆坡9日讯)国家银行今日透过文告宣称,新加坡交易所(SGX)及洲际交易所(ICE Futures)近期推出的令吉期货行为,违反大马外匯管制局(FEA)政策与条规。

根据国行文告,令吉並非国际化货幣,因此,在国外以岸外无本金交割远期合约(NDF)、期货或其他证券衍生品形式交易令吉,属于违反大马政策的行为。国行呼吁,所有市场人士需留意大马外匯管制局的现有条规,以避免触犯大马2013年金融服务法令和2013年伊斯兰金融服务法令,否则执法单位將依法查办任何违法分子。

同时,国行指出,国外市场人士应透过大马外匯交易市场,无论是本地持牌金融机构或是其受委海外办事处(Appointed Overseas Office,AOO)来满足其金融需求。

国行在去年11月28日和12月2日连续推出数项措施,雷厉风行地打击大马境外令吉做空活动,並深化境內外匯市场。

继续阅读,请往下滑

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截至目前,国行的措施已有效稳定令吉,令吉对美元匯率由去年11月28日的4.4635令吉兑1美元,走强至今日的4.2894令吉兑1美元,升值4.06%。

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Re: FMC
« Reply #29 on: August 19, 2017, 06:50:31 AM »




BNM to act against international banks trading the ringgit in Singapore
Reuters | August 18, 2017
Malaysia's central bank governor says ringgit transactions in Singapore involving a Malaysian client and a bank licensed in Malaysia will be subject to Malaysian law.
ibrahim-tradeKUALA LUMPUR: Any international bank that has an operating licence in Malaysia could face legal action if it facilitates ringgit futures trading on the Singapore Stock Exchange and the Intercontinental Exchange, Malaysia’s central bank governor said on Friday.
Bank Negara Malaysia (BNM) governor Muhammad Ibrahim said any ringgit transaction in Singapore involving a Malaysian client and a bank licensed in Malaysia will be subject to Malaysian law.
“The law specifically says that residents, which include individuals and banks operating here, if they engage in any illegal activities in contravention of the Financial Services Act, we will take action,” Muhammad told a news conference.


Last week, BNM said in a statement that the introduction of ringgit futures on the Singapore and Intercontinental Exchange was inconsistent with Malaysia’s policies.
In November last year, Bank Negara Malaysia (BNM) forced currency traders overseas to stop driving the ringgit lower and demanded that banks sign a commitment to cease trading the ringgit on the offshore non-deliverable forward (NDF) market.