Google Blunder Makes Ringgit Miserable, Malaysia Immediately Reacts
Photo: REUTERS/Arnd Wiegmann
- Malaysia's central bank has stepped in to address problems with search engine giant Google. It was reported that Google had misquoted the ringgit exchange rate.
This error didn't just happen once, it has happened before. This is considered to underestimate the value of the ringgit currency against the dollar.
As a result, the Malaysian central bank will ask Google for information.
The ringgit, which last month fell to its lowest level in 26 years, has weakened about 2.44% this year. Bank Negara Malaysia (BNM) said the currency was undervalued and did not reflect Malaysia's positive economic fundamentals.
They said in a statement that Google published inaccurate information last Friday (15/3). A similar incident occurred on February 6.
"As this is the second reporting error, BNM will contact Google to provide an explanation of how the inaccurate reporting occurred and the corrective actions taken in light of the recurring problem that has hit Malaysia and other countries in recent months. last," said BNM in a statement, quoted by Reuters, Monday (18/3/2024).
The statement did not explain further what the next steps would be. Google could not be reached for comment by Reuters.
The search giant does not verify data provided by financial exchanges and other content providers, and denies any obligation to do so.
Google quoted the ringgit at 4.98 to the dollar on Friday, while the Malaysian currency's weakest level based on official data was 4.7075.
BNM quoted the ringgit at 4.7015 at 9am and 4.7045 at 5pm in the domestic interbank market. For comparison, LSEG data used by many international market participants quotes Friday's close of 4.7020.
BNM Governor Abdul Rasheed Ghaffour said last week that the Malaysian government and central bank were taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remained stable.
Wrong Ringgit Exchange Rate Displayed, Google Apologizes
Google apologized for misquoting the ringgit exchange rate against the United States (US) dollar.
Wrong Ringgit Exchange Rate Displayed, Google Apologizes. (Photo: MNC Media)
- Google apologizes for incorrectly quoting the ringgit exchange rate against the United States (US) dollar. Malaysia's central bank previously protested the error.
"We immediately contacted the third party who provided the USD-MYR exchange rate information to correct the error," said Google Malaysia via social media platform X, reported by Reuters on Monday (18/3/2024).
According to Bank Negara Malaysia (BNM), Google displayed a USD-MYR exchange rate of 4.98 on March 15. Based on official data, the USD-MYR exchange rate was 4.7075 on that day
For comparison, LSEG data used by many international market players recorded a USD-MYR exchange rate of 4.7020 on March 15.
Google also made a similar error on February 6. Apart from apologizing, the search engine giant also promised not to repeat its mistakes.
stated its error, saying the tech giant had underestimated the currency's value against the dollar.
The ringgit last month fell to its lowest level in 26 years and has weakened about 2.44% this year. BNM Governor Abdul Rasheed Ghaffour said last week the Malaysian government and central bank were taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remains stable. (WHY)