KUALA LUMPUR – Communications Minister Fahmi Fadzil wants an explanation from Google regarding the bad image it portrayed for the country through its inaccurate ringgit exchange rate data published yesterday.
Google showed the ringgit being traded at 4.98 against the dollar.
In reality, the ringgit was quoted at 4.7015 against the USD at 9am and 4.7045 at 5pm, with an intraday high of 4.7075 in the onshore interbank market for the ringgit, as published on Bank Negara Malaysia (BNM) website.
It is noted that this was the second incident in which Google had published inaccurate USD/RM exchange rate data in 2024.
BNM had earlier issued a stern warning letter to Google when the first misreporting occurred on February 6, 2024.
Fahmi said that Finance Minister II Datuk Seri Amir Hamzah Azizan and BNM Governor Datuk Abdul Rasheed Ghaffour have contacted Google on the matter, and an explanation from the American multinational corporation and technology company is currently pending.
“I managed to speak to the BNM governor and also the second finance minister, and I was told that they will be speaking to Google to find out the reason why this issue has happened for the second time in a row.
“This is not a good sign coming from a reputable company like Google, and it also gives a bad image to our country. Such wrong information will cause misunderstanding and hatred among Malaysians.
“Google has been the main reference point for Malaysians, and we hope they provide a solid reason for why these incidents are happening.
“When the government is working hard to stabilise the economy and the confidence being shown by foreign investors, things like these shouldn’t be happening,” said Fahmi when he was met at the Teh Hijau Kuala Lumpur programme at the Kuala Lumpur Football Stadium today.
Fahmi also commended BNM for its swift response to this matter and said that the government will ensure that such situations do not arise again in the future.
“Even though it happened in a short span of time, I’m thankful to BNM for giving a very swift statement on this matter.
“I’m waiting for a response from BNM on Google’s latest update and explanation to them.
“This issue should not have happened, and we will not allow it to happen again,” Fahmi added.
BNM today dismissed the inaccurate ringgit exchange rate data circulating on social media, stating that the information does not reflect actual trading in a statement.
In light of this, BNM also urged people to rely only on official data, including from the central bank. – March 16, 2024