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Malaysia central bank alleges Google misquoted currency rate a second time

A broad view of the Central Bank of Malaysia (Bank Negara Malaysia) in Kuala Lumpur, Malaysia, July 31, 2019. Picture shot July 31, 2019.

KUALA LUMPUR, March 16 (mod1s) - Malaysia's central bank said on Saturday that Google had misquoted the ringgit's exchange rate, undervaluing the currency versus the dollar, and that it would seek an explanation from the internet giant. 

The ringgit, which plummeted to a 26-year low last month, has fallen roughly 2.44% this year. Bank Negara Malaysia (BNM) has claimed the currency is undervalued and does not represent Malaysia's favorable economic fundamentals.

The bank said in a statement that Alphabet Inc's Google (GOOGL.O), opens new tab released "inaccurate" information on Friday and had previously done so on Feb. 6. 

"As this is the second instance of misreporting, BNM will be engaging Google for an explanation of how the inaccurate reporting occurred and the corrective measures taken given that this is a recurring issue that has afflicted Malaysia and other countries in the past few months," BNM said in a statement.

It did not elaborate. Google was not immediately accessible for comment outside of U.S. work hours. 

The search giant does not verify data given by financial exchanges and other content providers, and rejects any need to do so, according to disclaimers on its website. 

Google put the ringgit at 4.98 to the dollar on Friday, BNM said, while the Malaysian currency's worst position on official data was 4.7075.

BNM quoted the ringgit at 4.7015 at 9 a.m. and 4.7045 at 5 p.m. on the onshore interbank market. For instance, LSEG data utilized by many foreign market players reports a Friday closing of 4.7020. 

BNM Governor Abdul Rasheed Ghaffour said last week Malaysia's government and central bank were taking concerted efforts to further enhance flows into the foreign currency market to ensure the ringgit remained stable.


Source: https://www.reuters.com/

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