BNM warns banks not to trade offshore in Malaysian currency

The BNM said the recent introduction of the ringgit futures at the SGX and the ICE or ICE Futures Singapore is “inconsistent with the country’s policy and rules.

The central bank of Malaysia has warned banks based in the country not to use the futures contracts in Malaysian currency offered by two Singaporean exchanges.

Singapore Exchange (SGX) and Ice Futures Singapore recently introduced trading in futures in Malaysia’s currency, the ringgit. In a public statement issued on August 9, Bank Negara Malaysia (BNM) said the exchanges’ action was inconsistent with Malaysia’s foreign exchange administration (FEA) policy and rules.

The Malaysian ringgit “is

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