Malaysia

Liberalisation of Exchange Control Rules

Brian Chia and Tan Ee Lynn, Wong & Partners*,Kuala Lumpur. brian.chia@wongpartners.com / ee.lynn.tan@wongpartners.com. * Correspondent Law Firm of Baker & McKenzie

Bank Negara Malaysia, the central bank of Malaysia (Bank Negara), has recently liberalised several exchange control rules. The amendments impact, inter alia , the settlement of ringgit assets and ringgit securities purchased by residents and non-residents, the refinancing of property loans obtained by non-residents, the purchase of foreign shares by residents pursuant to Employee Share Option Purchase Schemes, and credit facilities for non-resident controlled companies.