Foreign currencies sufficient to meet current demand - MAMSB

There is sufficient supply of common foreign currencies in the market to meet not only the existing demand of currency but also to accommodate for seasonal demands.

The Malaysian Association of Money Services Business (MAMSB) in a statement today assured the public that the foreign currencies were also sufficient for those performing the Hajj pilgrimage.

“The Malaysian Association of Money Services Business would like to assure the public that there is adequate supply of common foreign currencies in the market to meet the current demand as well as to cater for seasonal demand such as the Hajj pilgrimage season,” stated MAMSB.

The association also advised the public to exchange their currencies with authorized money changers in Malaysia prior to travelling abroad.

“Currently, there are more than 350 licensed money changers with over 1000 outlets throughout Malaysia providing currency exchange services.

“Any member of the public facing difficulty in purchasing the required foreign currencies may contact the Association at 03-7722 5808,” the statement read.

The Malaysian Association of Money Services Business or MAMSB is the national association for companies in Malaysia that have been granted licences under the Money Services Business Act 2011 (the MSBA).

The MSBA governs three main types of money services businesses. The first is the money-changing business, where currency is exchanged at an established rate. The second is the remittance business, where money is transferred, often to a different country, for example in the case of a migrant worker sending money home. The third type of money services business is the wholesale currency business which supports the retail money-changing business.