KUALA LUMPUR, June 12 (Xinhua) -- As part of efforts to encourage two-way flows in the onshore foreign exchange market, Malaysia's central bank announced Thursday the full rollout of the qualified resident investor (QRI) program for eligible corporates, effective July 1.
Bank Negara Malaysia (BNM) said in a statement that this rollout builds on the success of the pilot program, which was introduced in April 2024.
Since its inception, the QRI program has generated cumulative inflows from participants exceeding 1 billion U.S. dollars into the domestic financial market.
Under the QRI program, eligible resident corporates only need to complete a one-off registration with BNM to benefit from the flexibility in managing future direct investments abroad that will not require prior approval from BNM.
To enjoy the flexibility, corporates must first repatriate and convert eligible foreign currency funds into ringgit upon successful registration with BNM.
Eligible corporates include all resident corporates that: repatriate and convert foreign currency proceeds from overseas investments; and demonstrate good corporate governance and compliance with the foreign exchange policy (FEP) of BNM.
The QRI program will be available until June 30, 2028. ■
