BNM denies rounding proposal for five sen and below

bank-negara-5-sen

KUALA LUMPUR: Bank Negara Malaysia (BNM) has refuted a news report on a proposal to round off five sen and below and the use of one sen for exact payment.

It also denied that the proposal came from the central bank.

In a statement today, BNM said the Rounding Mechanism was used for the total bill amount and not for every unit of product.

“In the Rounding Mechanism implementation, the total bill amount which ends in one, two, six and seven sen will be reduced to the nearest five sen, while three, four, eight and nine sen will be increased to the nearest five sen,” said Currency Management and Operations Director Johari Mesar.

He said all types of payment made at the payment counter would be subjected to the Rounding Mechanism for cash or non-cash payment.

“Non-cash payment covers cheque payment and electronic payment such as credit card, charge card and debit card,” he added.

The central bank said this statement was issued following several media reports on the Rounding Mechanism issue which were incorrect and confusing the public.

BNM and the Ministry of Domestic Trade, Cooperatives and Consumerism (KPDNKK) had held a meeting to examine the issues raised by consumers through the media recently with regard to the five sen Rounding Mechanism.

It said consumers who found that the mechanism was not adhered to correctly by traders could file an official complaint to KPDNKK via phone: 1-800-886-800 or 03-8000 8000.

Complaints can also be made via the KPDNKK eAduan system at http://eaduan.kpdnkk.gov.my or via facsimile at 03-8882 5762