The Malaysian Association of Money Services Business (MAMSB) today assured the public that there is sufficient supply of the pound sterling in the market to meet current demand.

However, following the results of the United Kingdom’s referendum on its membership in the European Union, the exchange rate for the pound sterling, along with other major currencies, have seen significant volatility, MAMSB said in a statement.

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

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

In view of this, currency exchange rates offered among licensed money changers may vary and consumers are advised to shop around for competitive rates.

Members of the public facing difficulty in exchanging foreign currencies may contact the association at 03-77225808.

- Bernama