Google Malaysia issues apology for erroneous USD-MYR exchange rate

KUALA LUMPUR, MALAYSIA: Google Malaysia has issued an apology for the dissemination of inaccurate US Dollar-Ringgit (USD-MYR) exchange rate data on its finance page dated 15 March.

In a comment posted on X (formerly known as Twitter), Google Malaysia expressed regret over the incident and promptly initiated corrective measures upon discovering the error.

“We immediately contacted the third party that provides USD-MYR exchange rate information to correct the error. The issue has now been resolved and we apologize for any confusion caused,” it said.

Google Malaysia emphasized that it provides currency exchange rates for informational purposes only.

They urged users to rely on official sources such as the Bank Negara Malaysia website for making any financial decisions.

On 15 March, official records from the Bank Negara Malaysia website indicated that the ringgit traded at 4.7015 against the US dollar at 9 am, closing at 4.7045 by 5 pm, with a peak of 4.7075 recorded during the day.

However, Google displayed a significantly deviated rate of 4.98 ringgit to the US dollar at its peak on the same day.

Malaysian state media agency Bernama reported a 0.76% appreciation of the ringgit against the US dollar during the period spanning from 1 March to 15 March.

Thank you for bringing this to our attention. We immediately contacted the third party that provides USD-MYR exchange rate information to correct the error. The issue has now been resolved and we apologize for any confusion caused.

— Google Malaysia (@GoogleMsia) March 18, 2024

This incident marks the second instance this year wherein Google has erroneously published USD/MYR exchange rate data.

The first occurred on 6 February, as confirmed by Malaysia’s central bank, Bank Negara Malaysia (BNM).

In response to these inaccuracies, BNM condemned the dissemination of misleading information, highlighting its detrimental impact on accurate market representation.

“This is inaccurate information that does not reflect the actual trading,” BNM stated on 16 March.

Expressing concern over the recurring nature of the issue, BNM announced its intention to engage Google in discussions regarding the causes of these inaccuracies and the implementation of corrective measures.

“As this is the second instance of misreporting, BNM will be engaging Google for an explanation of how the inaccurate reporting occurred and the corrective measures taken given that this is a recurring issue that has afflicted Malaysia and other countries in the past few months,” the bank said.