Sufficient supply of British Pound Sterling in the market

Sufficient supply of British Pound Sterling in the market

KUALA LUMPUR: There is sufficient supply of British Pound Sterling in the market to meet the current demand, Malaysian Association of Money Services Business (MAMSB) said, advising consumers to shop around for competitive rates.

In a statement released yesterday MAMSB said the results of the UK’s referendum on membership in the EU has led to significant volatility in the exchange rate for sterling along with other major currencies. The pound in particular has depreciated some 11% in the last two trading days.

FXTM Chief Market Strategist Hussein Sayed in a separate note said that another 5-10% drop from current levels cannot be ruled out in the next couple of weeks.

MAMSB said exchange rates quoted for foreign currencies sold by licensed money changers in Malaysia are determined by market forces, which depend on factors such as the cost of sourcing for currencies, operational costs and demand for currencies.

In view of this, currency exchange rates offered among licensed money changers may vary.

“The licensed money changers and wholesale currency businesses in Malaysia will continue to monitor the situation closely and take the necessary steps to address challenges to the local currency exchange market and respond to consumers’ needs,” it added.

Any member of the public facing difficulty in exchanging foreign currencies may contact the association at 03 7722 5808.

– the Sun