15th September 1998 Source : Bank Negara Malaysia
|
Issues |
Clarification - Part 5 |
| Transfers of ringgit balances held by residents or non-residents with non-resident banks abroad to their respective resident or external accounts with financial institutions in Malaysia |
In
the attachment to the Bank Negara Malaysia press statement dated 1 September
1998, ECM 3 states that "transfers from external accounts to resident
accounts in Malaysian banks are permitted until 30 September 1998".
Bank Negara Malaysia hereby notifies that the ECM notice is amended as
follows: Transfers of ringgit balances held by residents or nonresidents with nonresident banks abroad (i.e. offshore ringgit accounts) to their respective resident or external accounts with financial institutions in Malaysia in any amount are permitted up to 30 September 1998 only if the transfer is:
All other transfers from external accounts to resident accounts are subject to the rules governing the use of balances in external accounts. In order to facilitate the transfers up to 30 September 1998, nonresident banks with whom the offshore ringgit accounts are maintained, will be allowed to transfer funds from their external account with a bank in Malaysia to the accounts of their customers with a financial institution in Malaysia, external or resident as the case may be. |
