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Panorama Internazionale

12 GENNAIO 2017

10:52 - Malaysia

MALAYSIA: BANK NEGARA CURRENCY RULES HURTING PENANG'S INDUSTRIES

(ICE) - ROMA, 12 GEN -

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.

The Penang government voiced objection to the latest rules by Bank Negara's Financial Markets Committee to develop the onshore financial market. In a letter, Penang Chief Minister told PM Najib that the new rules caused hardship to businesses, traders and exporters, especially those in the electrical and electronics sector. He alleged that the measures had been ineffective to prevent the further decline in the value of the ringgit vis-a-vis US dollar, which   dropped to a low of MYR4.50 (0.95 Euro)

(ICE KUALA LUMPUR)

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