For passionate travellers and frequent international shoppers, the US dollar remains the preferred currency of choice.
Unfortunately, Malaysians have grappled with economic uncertainties in recent times, leading to a depreciation of the ringgit. Presently, the exchange rate hovers at US$1 to RM4.73, underscoring the ringgit's diminished value against the dollar.
However, shockwaves reverberated through many when a screenshot surfaced, portraying the Malaysian Ringgit (MYR) plummeting to RM4.89 against the US dollar, as displayed on Google Malaysia's conversion rate.
Bank Negara Malaysia Clarifies The Inaccurate Rate Data
Amidst concerns voiced by netizens online, Bank Negara Malaysia (BNM) took to the social media platform X (formerly known as Twitter) to address the issue of the US to MYR exchange rate displayed by Google, confirming its inaccuracy. Unfortunately, some netizens exploited the situation to criticize the government and BNM.
In its official announcement, BNM stated that the exchange rate between USD and MYR had actually been strengthening, with the accurate rate readily available on their official website. BNM emphasized that the ringgit had indeed strengthened by 0.76% against the USD over the past two weeks.
This isn't the first time Google has faced backlash from BNM. On 5 February, Google also published an inaccurate USD to MYR exchange rate, erroneously stating that the dollar was RM6.24. This prompted BNM to issue a stern warning letter regarding the recurring inaccuracies.
Additionally, BNM underscored the importance of exercising caution when referencing the value of the ringgit, urging the public to refrain from circulating or speculating based on "unverifiable sources." Given the exchange market's sensitivity to data, disseminating inaccurate or unverified information can have significant implications for financial markets.
Google Malaysia Issues An Apology To BNM
Google provides currency exchange rates for informational purposes only. Please consult official sources such as https://t.co/JvdUSGKZTl website for making any financial decisions. More information about our services can be found at https://t.co/6ICV0c55oC.
— Google Malaysia (@GoogleMsia) March 18, 2024
After the viral issue elicited responses from BNM and Communications Minister Fahmi Fadzil, Google issued an apology for the inaccurate exchange rate. In their statement, Google Malaysia acknowledged the error and promptly contacted the third-party provider responsible for their USD/MYR exchange rate data to address the issue.
It's important to highlight that Google doesn't verify currency conversion data or assure its accuracy. While they rely on a third party for exchange rate information, it's essential to understand that their Google Finance Disclaimer page explicitly states they do not verify any financial data and absolve themselves of any obligation to do so.
When it comes to currency exchange rates, especially for USD to MYR, it's advisable to consult BNM's website for the most accurate data. While the focus here is on USD/MYR rates, it's also essential to consider the rates for other currencies from various countries.
Hopefully, Google will exercise greater caution in displaying accurate data moving forward, ensuring incidents like this are avoided in the future.
What are your thoughts on this? Let us know in the comments.
*Sources: Visual and Reference Credits to Social Media & various cross-references for context.
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