{"id":5421,"date":"2016-12-23T15:49:43","date_gmt":"2016-12-23T07:49:43","guid":{"rendered":"http:\/\/limguaneng.com\/?p=5421"},"modified":"2016-12-23T15:49:43","modified_gmt":"2016-12-23T07:49:43","slug":"bank-negara-malaysias-measure-requiring-exporters-to-convert-75-of-foreign-exchange-proceeds-to-ringgit-malaysia-harms-the-investment-climate-in-penang-and-malaysiaecm","status":"publish","type":"post","link":"https:\/\/limguaneng.com\/index.php\/2016\/12\/23\/bank-negara-malaysias-measure-requiring-exporters-to-convert-75-of-foreign-exchange-proceeds-to-ringgit-malaysia-harms-the-investment-climate-in-penang-and-malaysiaecm\/","title":{"rendered":"BANK NEGARA MALAYSIA\u2019S MEASURE REQUIRING EXPORTERS TO CONVERT 75% OF FOREIGN EXCHANGE PROCEEDS TO RINGGIT MALAYSIA HARMS THE INVESTMENT CLIMATE IN PENANG AND MALAYSIA(e\/c\/m)"},"content":{"rendered":"<p>PSUKPP\/21\/0353\/46(36)<\/p>\n<p>21 December 2016<\/p>\n<p>Yang Berhormat Dato&#8217; Sri Mustapa Mohamed<br \/>\nMinister of International Trade and Industry<br \/>\nMinistry of International Trade and Industry<br \/>\nMenara MITI, No. 7,<br \/>\nJalan Sultan Haji Ahmad Shah,<br \/>\n50480 KUALA LUMPUR<\/p>\n<p>Yang Berhormat Dato\u2019 Sri,<\/p>\n<p><strong>BANK NEGARA MALAYSIA\u2019S MEASURE REQUIRING EXPORTERS TO CONVERT 75% OF FOREIGN EXCHANGE PROCEEDS TO RINGGIT MALAYSIA HARMS THE INVESTMENT CLIMATE IN PENANG AND MALAYSIA<\/strong><\/p>\n<p>The Penang State Government wishes to highlight to Yang Berhormat Dato\u2019 Sri the recent announcement by the Financial Markets Committee (FMC), in collaboration with Bank Negara Malaysia (BNM) on the initiative to develop the onshore financial market, which has caused concern to the State Government and exporters that FMC\u2019s measure will harm the investment climate and reduce Foreign Direct Investments (FDI) into Malaysia.<br \/>\n<!--more--><\/p>\n<p>2.\tIn the statement on 2 December 2016, FMC announced the following measure for exporters:<\/p>\n<p>\u201cExporters can retain up to 25% of export proceeds in foreign currency. They may hold higher balances with approval from BNM to meet their obligations in foreign currency. Payment by resident exporters for settlement of domestic trade in goods and services is now to be made fully in ringgit.\u201d excerpt from the statement by Financial Markets Committee (FMC) in collaboration with Bank Negara Malaysia (BNM)<\/p>\n<p>3. Based on the feedback received from the industry, this measure by FMC will further complicate export transactions which are usually transacted in foreign currencies, especially in US Dollar (USD). Exporters also usually use foreign currency in cost hedging to reduce their cost and import input prices. Although exporters usually receive their export proceeds in foreign currency, any foreign inputs for production which are imported are also usually paid in foreign currency. Although residents (not limited to exporters only) are allowed to hedge import or foreign currency loan obligations into foreign currency up to the value of 6 months import and foreign currency loan obligations, the measure by FMC is still seen to reduce the ease of doing business and would increase cost for exporters.<\/p>\n<p>4. The State Government also wishes to state our concern that with FMC\u2019s announcement, business transactions in Malaysia is expected to be more complicated and may be a factor that will reduce Malaysia\u2019s competitiveness and reduce our appeal as an investment destination to foreign investors considering Malaysia has recorded trade surplus for 18 consecutive years from 1998-2015.<\/p>\n<p>5. Furthermore, the State Government also wishes to highlight that several trade associations and industry groups have already released statements regarding FMC\u2019s measure and has proposed that the requirement to convert 75% of the export proceeds to Ringgit Malaysia should be abolished or reduced to a lower and more reasonable rate at 25%. The State Government is of the opinion that FMC\u2019s requirement should not burden industry players who are already facing prevailing business challenges and competition from other countries.<\/p>\n<p>6.\tThe State Government sincerely hopes that Yang Berhormat Dato\u2019 Sri will convince Bank Negara Malaysia to take this issue into consideration and will convey to them the concerns of the industry. We wish to thank Yang Berhormat Dato\u2019 Sri for your kind co-operation and attention and also on the Ministry of International Trade and Industry\u2019s effort to strengthen the industry and investments in Malaysia.<\/p>\n<p>Thank you.<\/p>\n<p>Yours sincerely,<\/p>\n<p>(LIM GUAN ENG)<br \/>\nChief Minister of Penang<\/p>\n<p>=============================================<\/p>\n<p>PSUKPP\/21\/0353\/46(36)<\/p>\n<p>21 Disember 2016<\/p>\n<p>Yang Berhormat Dato&#8217; Sri Mustapa Mohamed<br \/>\nMenteri Perdagangan Antarabangsa dan Industri<br \/>\nKementerian Perdagangan Antarabangsa dan Industri<br \/>\nMenara MITI, No. 7,<br \/>\nJalan Sultan Haji Ahmad Shah,<br \/>\n50480 KUALA LUMPUR<\/p>\n<p>Yang Berhormat Dato\u2019 Sri,<\/p>\n<p><strong>LANGKAH BANK NEGARA MALAYSIA MEMAKSA PENGEKSPORT MENUKAR 75% DARIPADA HASIL PEROLEHAN EKSPORT MATA WANG ASING KEPADA RINGGIT MALAYSIA MEMUDARATKAN IKLIM PELABURAN DI PULAU PINANG DAN MALAYSIA<\/strong><\/p>\n<p>Kerajaan Negeri Pulau Pinang ingin menarik perhatian Yang Berhormat Dato\u2019 Sri berkenaan dengan pengumuman oleh Jawatankuasa Pasaran Kewangan (FMC), dengan kerjasama Bank Negara Malaysia (BNM) berhubung inisiatif untuk mengembangkan pasaran kewangan di luar negara, sehingga menimbulkan kebimbangan kepada Kerajaan Negeri dan para pengeksport bahawa langkah FMC ini akan memudaratkan iklim pelaburan dan mengurangkan jumlah pelaburan asing yang masuk ke Malaysia.<\/p>\n<p>2.\tDalam pengumuman yang dikeluarkan pada 2 Disember 2016, FMC telah membuat ketetapan bagi pengeksport seperti berikut:<\/p>\n<p>\u201cPengeksport boleh menyimpan sehingga 25% daripada hasil perolehan eksport dalam mata wang asing. Mereka boleh mempunyai baki yang lebih tinggi, dengan kelulusan Bank Negara Malaysia, untuk memenuhi obligasi mereka dalam mata wang asing. Pembayaran oleh pengeksport pemastautin untuk penyelesaian perdagangan dalam negeri bagi barangan dan perkhidmatan kini perlu dibuat sepenuhnya dalam ringgit.\u201d \u2013 petikan kenyataan oleh Jawatankuasa Pasaran Kewangan (FMC) dengan kerjasama Bank Negara Malaysia<\/p>\n<p>3. Melalui maklum balas awal yang diterima daripada pengusaha industri, ketetapan yang dibuat oleh FMC ini akan merumitkan pengeksport yang menggunakan mata wang asing terutamanya Dolar Amerika Syarikat (USD) dalam urusan jual beli antarabangsa dan sebagai lindung nilai semula jadi untuk mengurangkan kos dan harga mereka. Walaupun pengeksport dari Malaysia menerima hasil jualan eksport dalam mata wang asing, mana-mana input pengeluaran yang diimport juga adalah dalam mata wang asing. Meskipun pemastautin (bukan hanya pengeksport) dibenarkan untuk melaksanakan lindung nilai (hedging) mata wang asing bersamaan dengan nilai import sebanyak 6 bulan dan untuk obligasi hutang mata wang asing, ketetapan FMC ini masih merumitkan urusan perniagaan (ease of doing business) dan meningkatkan kos bagi para pengeksport.<\/p>\n<p>4. Kerajaan Negeri ingin menyampaikan kebimbangan bahawa dengan ketetapan oleh FMC ini, urusan jual beli antarabangsa di Malaysia akan menjadi lebih rumit dan akan menjadi satu faktor yang mampu mengurangkan daya saing Malaysia dan mengurangkan daya tarikan kepada pelabur asing untuk melabur di Malaysia. Malaysia telah mencatatkan lebihan dagangan untuk 18 tahun berturut-turut dari 1998-2015.<\/p>\n<p>5.\tKerajaan Negeri juga ingin menarik perhatian Yang Berhormat Dato\u2019 Sri bahawa beberapa persatuan perdagangan dan pengusaha industri juga telah menyatakan kebimbangan mereka berkenaan dengan ketetapan FMC ini, dan telah mencadangkan supaya ketetapan sebanyak 75% daripada jumlah hasil eksport perlu ditukar kepada Ringgit Malaysia dimansuhkan atau ditukarkan kepada peratusan yang lebih rendah dan munasabah sebanyak 25%. Pengusaha-pengusaha industri turut perlu berdepan dengan cabaran-cabaran perniagaan dan persaingan daripada negara lain dan tidak harus dibebankan dengan langkah ini.<\/p>\n<p>6.\tKerajaan Negeri berharap agar Yang Berhormat Dato\u2019 Sri dapat menyakinkan Bank Negara Malaysia agar mempertimbangkan perkara ini dan menyampaikan kebimbangan pengusaha industri. Kerjasama dan perhatian Yang Berhormat Dato\u2019 Sri dan pihak Kementerian dalam memperkasakan industri negara didahului dengan ucapan ribuan terima kasih.<\/p>\n<p>Sekian, terima kasih.<\/p>\n<p>Yang Ikhlas,<\/p>\n<p>LIM GUAN ENG<br \/>\nKetua Menteri Pulau Pinang<\/p>\n<p>============================================<\/p>\n<p>PSUKPP\/21\/0353\/46(36)<\/p>\n<p>2016\u5e7412\u670821\u65e5<\/p>\n<p>\u81f4\u56fd\u9645\u8d38\u6613\u4e0e\u5de5\u4e1a\u90e8\u957f\u62ff\u7763\u65af\u91cc\u6155\u65af\u8fbe\u6cd5<br 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\/>\n\u6797\u51a0\u82f1<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PSUKPP\/21\/0353\/46(36) 21 December 2016 Yang Berhormat Dato&#8217; Sri Mustapa Mohamed Minister of International Trade and Industry Ministry of International Trade and Industry Menara MITI, No. 7, Jalan Sultan Haji Ahmad Shah, 50480 KUALA LUMPUR Yang Berhormat Dato\u2019 Sri, BANK NEGARA MALAYSIA\u2019S MEASURE REQUIRING EXPORTERS TO CONVERT 75% OF FOREIGN EXCHANGE PROCEEDS TO RINGGIT MALAYSIA HARMS &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/limguaneng.com\/index.php\/2016\/12\/23\/bank-negara-malaysias-measure-requiring-exporters-to-convert-75-of-foreign-exchange-proceeds-to-ringgit-malaysia-harms-the-investment-climate-in-penang-and-malaysiaecm\/\"> <span class=\"screen-reader-text\">BANK NEGARA MALAYSIA\u2019S MEASURE REQUIRING EXPORTERS TO CONVERT 75% OF FOREIGN EXCHANGE PROCEEDS TO RINGGIT MALAYSIA HARMS THE INVESTMENT CLIMATE IN PENANG AND MALAYSIA(e\/c\/m)<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/posts\/5421"}],"collection":[{"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/comments?post=5421"}],"version-history":[{"count":1,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/posts\/5421\/revisions"}],"predecessor-version":[{"id":5422,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/posts\/5421\/revisions\/5422"}],"wp:attachment":[{"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/media?parent=5421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/categories?post=5421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/limguaneng.com\/index.php\/wp-json\/wp\/v2\/tags?post=5421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}