Central Bank Of Malaysia Criticizes Google For Unaccuracy Quote Of Ringgit Exchange Value

BNM Governor Abdul Rasheed Ghaffour, asked for an explanation from Google. (photo: x @syahirnomic)

JAKARTA - Malaysia's central bank stated on Saturday 16 March that Google had misquoted the ringgit exchange rate, judging it lower against the dollar, and that it would seek an explanation from the tech giant.

Ringgit, which dropped to its lowest level in 26 years last month, has weakened by about 2.44% this year. Bank Negara Malaysia (BNM) said that the currency was too low in value and did not reflect Malaysia's positive economic fundamentals.

The bank stated in a statement that Google, a subsidiary of Alphabet Inc, had published "inaccurate" information on Friday, March 15 and had also done so on February 6.

"Because this is the second incident of a reporting error, BNM will interact with Google to get an explanation of how inaccurate reporting happened and the corrective action taken considering this is a recurring problem that has hit Malaysia and other countries in recent months," BNM said in a statement. a statement.

The bank did not explain further. Google was also not immediately willing to comment outside US business hours.

The search company does not verify the data provided by financial exchanges and other content providers, and asserts that there is no obligation to do so, in accordance with the exceptions listed on its website.

BNM quoted ringgit at 4.98 against the dollar on Friday, BNM said, while Malaysia's weakest level in official data is 4.7075.

BNM Governor Abdul Rasheed Ghaffour said last week that the Malaysian government and central banks were taking coordinated action to increase the flow into foreign exchange markets to ensure Ringgit remains stable.