• Urgent Broadcast: Conversion Of 75% Of The Total Foreign Currency Proceeds From Export Of Goods Into Ringgit With Immediate Effect

Dear Valued Customers,

Bank Negara Malaysia (“BNM”), on 27 December 2016 has issued a Supplementary Direction (No.2) to Financial Institutions following BNM’s Supplementary Notice on Foreign Exchange Administration Rules – Measures to Promote Development of Malaysian Financial Market, and Supplementary Directions to Financial Institutions – Measures to Promote Development of Malaysia Financial Market which were issued by BNM on 2 December 2016. Pursuant thereto, the Bank is obliged to ensure that 75% of foreign currency proceeds from resident exporter’s export of goods are converted into Ringgit Malaysia within the time specified by BNM.      

Please be informed that CIMB Bank Berhad (“the Bank”) reserves the right to immediately convert 75% of the total foreign currency proceeds into Ringgit in the following events:-

(I) Where the proceeds are confirmed to be from export of goods; or
(II) Where the Bank is not able to ascertain the purpose of the foreign currency proceeds received

AND

if the Bank does not receive any conversion request from the resident exporter within:-

(i) the same business day for foreign currency proceeds received before 12.00PM;
(ii) the next business day for foreign currency proceeds received from 12.00PM onwards; or
(iii) the next business day for foreign currency proceeds received on a public holiday.

The Ringgit proceeds arising from the conversion of foreign currency proceeds above will be placed into any of your existing Ringgit accounts or your Export Current Account maintained with the Bank.

How to open an Export Current Account?

If you wish to open an Export Current Account, kindly call our Contact Center at 03 - 6204 7788.  You are required to submit a Letter of Authorisation to the Bank within 14 calendar days from the opening date of the Export Current Account. The authority to operate the Export Current Account will be based on the Letter of the Authorisation and kindly note that the authorised signatories/persons shall be the same as the mandate of the latest Ringgit account opened with the Bank as at the date of the opening of Export Current Account. Please click here for the sample of the Letter of Authorisation.

The Export Current Account is a Special Deposit Facility Account for resident exporters. This account will receive a rate of interest at 3.25% per annum computed on day end until further notice.

You can contact our Contact Center at 03 -6204 7788 should you have any query.

We thank you for your support and we look forward to continue serving you.

Thank you.

Date: 12 January 2017