Bank Negara Malaysia (BNM) has disputed information about a sharp depreciation of the Malaysian Ringgit (MYR) on 15 March.
The “erroneous” exchange rate data shown on Google suggested that the ringgit (RM) depreciated to 3.72 against the Singaporean dollar (SGD) and 4.98 against the US dollar (USD).
Source: Wikipedia
The Malaysian Central Bank is demanding an explanation from Google, noting that this is the second such incident this year.
Screenshots showing a graph of RM depreciating to 3.72 against the SGD started circulating on Saturday (16 March).
Source: Facebook
Based on the screenshots showing the exchange rate on Google, the ‘spike’ happened at about midnight on 16 March.
Source: Google Finance
The ‘elevated’ exchange rate seemingly persisted for about 3.5 hours before returning to about 3.52 at 3.30am local time.
The RM also depreciated to about 4.98 against the USD during the same period.
Source: Google Finance
Interestingly, there was no such ‘spike’ on the charts shown on foreign exchange website Xe.com.
On Saturday (16 March) afternoon, BNM issued a statement dismissing the “inaccurate” exchange rate published on Google.
In its statement, the Malaysian Central Bank said it “firmly dismisses” the “erroneous” USD/MYR exchange rate shown by the search engine.
BNM pointed out that this is the second time this year that Google has published inaccurate USD/MYR exchange rate data.
In February, Google’s exchange rate data inaccurately showed the RM depreciating to 6.24 against the USD.
Therefore, BNM said it would be “engaging” Google for an explanation of how the inaccurate reporting came about.
It will also be discussing corrective measures to prevent similar issues from reoccurring.
At the time of reporting, data on Google Finance shows the SGD/MYR and USD/MYR exchange rates sitting at 3.518 and 4.704 respectively.
Also read: M’sian Ringgit hits new low against S’pore Dollar at RM3.56 to S$1
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Featured image adapted from Google Finance and Wikipedia.
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