Google Malaysia Exchange Rate Information MYR USD BNM

Google Malaysia Apologizes for Erroneous Information on Exchange Rate

Google Malaysia has found itself issuing apologies for the second time in 2024, following inaccuracies in its US dollar-ringgit (USD-MYR) exchange rate data. The tech giant’s finance page erroneously displayed the exchange rate, prompting swift action and an apology from Google Malaysia.

In a statement posted on X (formerly known as Twitter), Google Malaysia addressed the issue directly. Google stated, “We immediately contacted the third party that provides USD-MYR exchange rate information to correct the error. Google has resolved the issue and we apologize for any confusion caused.”

The incident occurred on  March 15. It marks the second time this year that Google has published inaccurate exchange rate data for the USD-MYR pair. The first instance was noted on February 6. The incident has raised concerns about the reliability of the information provided by the tech giant.

Google Malaysia apologizes to BNM

The apology comes in the wake of criticism from Malaysia’s central bank, Bank Negara Malaysia (BNM). BNM pointed out the inaccuracies in Google’s exchange rate information. BNM emphasized the importance of accurate financial data. This is especially important in a time when the Malaysian ringgit has been under scrutiny. Furthermore, the ringgit has decline to a 26-year low. This has affected the economy and businesses.

BNM Governor Abdul Rasheed Ghaffour reiterated the government and central bank’s commitment to stabilizing the ringgit and ensuring its value aligns with Malaysia’s economic fundamentals.

Google reiterated that its currency exchange rates are provided for informational purposes only. It also urged users to consult official sources such as BNM’s website for making financial decisions.

The incident underscores the significance of reliable financial data and the potential consequences of inaccuracies in exchange rate information provided by prominent platforms like Google. As Malaysia strives to stabilize its currency and bolster its economic resilience, the need for accurate and dependable financial information remains paramount.

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