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Malaysia c.bank penalises unnamed financial institution over ringgit trade

Reuters

KUALA LUMPUR, Jan 24 (Reuters) - The Malaysian central bank on Tuesday said it imposed a penalty of 1.4 million ringgit ($316,000) on an unnamed financial institution over the fixing of the ringgit exchange rate.

The firm failed to "promptly notify the central bank of a significant audit finding in relation to its dealers' misconduct involving the fixing of the USD/MYR exchange rate," Bank Negara Malaysia said in a statement.

The financial institution has been strongly censured and issued with an order to address the shortcomings in internal controls, the central bank said.

The action comes amid efforts by the central bank to curb offshore trade of the ringgit and stem the fall of the currency.

($1 = 4.4330 ringgit) (Reporting by A. Ananthalakshmi; Editing by Tom Hogue)