Enhancement of Foreign Exchange Administration Policies
A Resident exporter is allowed to retain in its Trade Foreign Currency Account (TFCA) held with the Bank foreign currency export proceeds up to
a. 25% of the export proceeds; or
b. the resident exporter’s six months foreign currency obligations* that exist on the date of receipt of the export proceeds. The balance of foreign currency proceeds from export of goods shall be converted into ringgit.
*Only applicable if the aggregate amount of existing balance in the resident exporter’s Trade Foreign Currency Account and proceeds retained under subparagraph (a) above is insufficient to meet the resident exporter’s six (6) months foreign currency obligations that exist on the date of receipt of the export proceeds.
Revision on FD/TD-i interest/profit on premature withdrawal/early settlement
For Ringgit Fixed Deposit, Ringgit Fixed Deposit-i or Ringgit Time Deposit-i placed on and after 5 March 2018 no interest /profit will be paid at all for premature withdrawal/early settlement made on or after 1 January 2019. Premature withdrawal/early settlement made before 1 January 2019, as well as all placements made before 5 March 2018 will not be affected by this revision.
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FATCA (Foreign Account Tax Compliance Act) & CRS (Common Reporting Standards)