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Malaysia eases forex rules as economy slows

Malaysia eases forex rules as economy slows

Malaysia's central bank says it will further liberalize foreign exchange controls to boost business competitiveness amid slowing economic growth.
Bank Negara Malaysia said Wednesday the economy expanded 4.6 percent in the first quarter, down from 10.1 percent in the same period a year earlier and 4.8 percent in the fourth quarter.
It says Malaysian companies can freely invest abroad without need of approval from June while rules on foreign currency trade financing will be eased to bolster competitiveness.
Bank Negara said the liberalization would create a "positive investment climate" to sustain economic growth, which is clouded by rising inflation.


Updated : 2021-07-28 07:58 GMT+08:00