Bank Negara: Google Published Inaccurate Exchange Rate Data of 1 USD=RM4.98

Many of us rely on the search engine Google to get any information that we need in our daily lives.

Just recently, Bank Negara issued a statement saying that Google published an inaccurate exchange rate on March 15.

A screenshot of the exchange rate (1 USD= RM4.98) on Google was circulated on different social media platforms.

“This is an inaccurate information that does not reflect the actual trading,” says Bank Negara.

The press release reads, “On 15 March 2024, the USD/MYR was quoted at 4.7015 at 9 am and 4.7045 at 5 pm with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website. In the past two weeks (1 – 15th March 2024), the ringgit has strengthened 0.76% against the US dollar.”

It is said that this is the second time that Google has published inaccurate USD/MYR exchange rate data in 2024 with the first incident being on February 6.

BNM and the government are currently seeking an explanation from Google on this error.

“We know and understand that Google serves as a reference for Malaysians, so we hope that an explanation can be conveyed to the people,” said Communications Minister Fahmi Fadzil.

The minister added that as they are striving to boost the nation’s economic growth and also to make investors more confident in Malaysia, so mistakes like this cannot happen.

“It should not happen, it cannot happen and we would not allow it to happen again.”

What do you think about this? Let us know in the comments.

Also read: Bank Negara Now Requires All Money Changers to Record Full Name & IC Number of M’sian Customers