Over the weekend, a screenshot of the Malaysian Ringgit (RM) allegedly reaching a new low of RM4.98 against 1 United States Dollar (USD) as per data from Google Finance went viral online, instigating the ire of Malaysia online.
However, as it turns out, this was actually inaccurate information published by the Alphabet Inc-owned company, whereby the viral screenshot was refuted by Bank Negara Malaysia (BNM) in a statement.
BNM and the Federal Government is seeking an explanation from Google
In the statement, BNM iterated that the USD1 = RM4.98 exchange rate published by Google was incorrect information that does not reflect the actual trading.
BNM further clarified that on 15 March, the date seen on the screenshot, USD to RM was quoted as 4.7015 at 9am and 4.7045 at 5pm with an intraday high of 4.7075 in the onshore interbank market for ringgit, as published on the BNM website.
BNM said that this was the second time this year that Google has published inaccurate USD to RM exchange rate as on 5 February, Google wrongly showed that USD1 was equal to RM6.24.
On the first time it happened, BNM said that it has issued a stern warning letter against Google for the inaccurate exchange rate. This time around, BNM is seeking an explanation from Google on the errors, the same thing the Federal Government is also asking from the company, as per Communications Minister Fahmi Fadzil’s statement.
Communications Minsiter, Fahmi Fadzil
Google doesn’t verify currency conversion data or guarantee its accuracy
With that in mind, while Google has yet to issue any statement on the matter, it is worth noting that on its Google Finance Disclaimer page, the company had already clarified that it doesn’t verify any finance data and disclaims any obligation to do so.
Google further asserted that data on its Google Finance service is provided by financial exchanges and other content providers and may be delayed as specified by financial exchanges or other data providers.
Google added,
“Google, its data or content providers, the financial exchanges and each of their affiliates and business partners (A) expressly disclaim the accuracy, adequacy, or completeness of any data and (B) shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon.”
“Neither Google nor any of our information providers will be liable for any damages relating to your use of the information provided herein. As used here, ‘business partners’ does not refer to an agency, partnership, or joint venture relationship between Google and any such parties.”
Meanwhile, on currency conversion such as the erroneous USD to RM conversion published on Google Finance, Google stressed that it cannot guarantee the accuracy of the exchange rates displayed.
Moreover, Google said that the onus is on the users to confirm current rates before making any transactions that could be affected by changes in the exchanges rates and not the company.
Hence, like everything seen online, it’s best for Malaysians to scrutinise or verify the data published on Google Finance first before believing or sharing them.
Also read: Bank Negara Now Requires All Money Changers to Record Full Name & IC Number of M’sian Customers
