Malaysia to Impose Cash Transaction Limit of $6K in 2020: Report

November 8, 2019 | By | Reply | 75 Readers More


Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes.

The average Malaysian household spends $1,900 per month

Abdul Rasheed, the deputy governor in question who works for Bank Negara Malaysia (BNM), claimed that the measures will apply to all transactions involving physical cash, including payments for goods and services, reports local English-language newspaper The Star.

The limit of 25,000 Malaysian ringgits ($6,048) will also apply to donations and transfers between entities like people and businesses, the report notes.

According to Rasheed, who also serves as chairman at the National Coordination Committee…

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