Bank Negara Malaysia (BNM) dismissed the inaccurate exchange rate data circulating on social media based on a U.S. Dollar (USD)/Malaysian Ringgit (RM) exchange rate published by Google on Friday (Mar. 15).
The image circulating on social media showed that the exchange rate between USD and RM was supposedly US$1 to RM4.98.
Google Malaysia has apologised for the error.
Ringgit actually strengthened 0.76 per cent: Bank Negara Malaysia
BNM stated that the exchange rate between USD and RM was at US$1 to RM4.7045 at 5pm on Mar. 15, 2024.
The exchange rate was also published on the BNM website.
BNM asserted that the ringgit has in fact strengthened 0.76 per cent against the USD in the past two weeks between Mar. 1 to Mar. 15, 2024.
Second inaccurate exchange rate data
According to BNM, this is the second time Google published an inaccurate USD/RM exchange rate data in 2024.
Google also published an inaccurate ringgit exchange rate data on Feb. 5, 2024, to which BNM responded with a stern warning letter.
"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 reminded members of the public to exercise caution against using, circulating, or speculating on "unverifiable sources" as a reference for the ringgit.
The bank encouraged the public to rely on official data, including from BNM instead.
"The exchange rate is a market-sensitive data and any inaccurate reporting and circulation of unverified data can cause serious implications for the financial markets," it added.
Google Malaysia apologises
Google Malaysia has since issued an apology for the erroneous exchange rate.
In the apology posted on X (formerly Twitter), Google Malaysia said that it immediately contacted the third party that provides USD/RM exchange rate information to rectify the error.
"The issue has now been resolved and we apologize for any confusion caused."
Thank you for bringing this to our attention. We immediately contacted the third party that provides USD-MYR exchange rate information to correct the error. The issue has now been resolved and we apologize for any confusion caused.
— Google Malaysia (@GoogleMsia) March 18, 2024
Google Malaysia stressed that it provides currency exchange rates "for information purposes only".
It encouraged members of the public to consult official sources such as the BNM for making any financial decisions.
Top image via razaklatif/centralbanking, and BNM.