COMMENT The finance minister or the governor of the Bank Negara Malaysia must assume fiduciary responsibility to allay the fear and apprehension of Malaysian public, particularly of the business community and investors.

It is not good enough to be issuing instructions by Bank Negara to onshore banks not to provide any foreign exchange FX to offshore today while also not allowing trade higher than yesterday’s range for today.

While this may not amount to a ‘capital control’ as such, it is surely a ‘forex market shutdown’ by Bank Negara, on all the interbank forex market.

Why until now, no official statements from the finance minister or the Bank Negara, are made on this matters, so as to address the anxiety and fear of the Malaysian public.

The public need to get clarity from the authorities concerned as to the total amount outstanding or demanded by way of outflow of funds.

This is also to mitigate panic selling of bond holders of the Malaysian Government Securities (MGS) and other bonds by foreigners and also to avoid the black market thriving, when officials channels are restricted.

To make matters worse, it is said that there is no official exchange rate now. Unofficial rate is RM4.6 versus the US dollar and 3.5 versus the Australian dollar.

We demand an immediate clarification on the matter, critical in avoiding uncertainties and panic selling, from the finance minister or the governor of Bank Negara.

We would also strongly reprimand Putrajaya that all the hype of making Malaysia the Islamic Finance Global Marketplace would be deemed destroyed, by virtue of the inaction and the deafening silence of Bank Negara.

DR DZULKEFLY AHMAD is strategy director, Parti Amanah Negara.