Malaysia's Central Bank Plans to Name and Shame Errant Lenders
- Bank Negara said in January it imposed a fine on a lender
- New measures to be introduced in January 2018, governor says
Employees work in a currency exchange store at Bukit Bintang in Kuala Lumpur, Malaysia, on Tuesday, August 25, 2015. Foreign funds have dumped more than $3 billion of the nation's shares this year and the ringgit is near a 17-year low as political uncertainty clouds the outlook for an economy rocked by plunging oil prices and an emerging-market selloff.
Photographer: Sanjit Das/BloombergMalaysia’s central bank will crack down on wrongdoing in the foreign-currency market, such as fixing of the exchange rate, to ensure stability in the ringgit, Governor Muhammad Ibrahim said.
Authorities plan to name and shame banks from next year that have been found guilty of misconduct, Muhammad told reporters in Kuala Lumpur on Thursday. In addition to naming the institution, the central bank will also disclose the amount of penalty imposed and the reason for the fine, he said.