Ringgit slumps to 16-year low, money changers warned against hoarding foreign currencies

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years.

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit.

"It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently.

 

"The risk would be exchange rate risk whereby if there are adverse changes in currency exchange rates, the money changer could suffer a loss if they are stockpiling foreign currencies."

Ramasamy's comments come as the ringgit slid to a 16-year low on July 6, falling to 3.8092 to the US dollar.

It was last at this level from 1998 to 2005 during which it was pegged to the US dollar at 3.8 following the Asian financial crisis which was blamed on currency speculators.

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf