KUALA LUMPUR: There is sufficient supply of British Pound Sterling in the market to meet the current demand.

Malaysian Association of Money Services Business assured members of the public on the availability of the European currency.

However, following the results of the United Kingdom’s referendum on membership in the European Union, the exchange rate for British Pound Sterling along with other major currencies have seen significant volatility, it said.

“The licensed money changers and wholesale currency businesses in Malaysia will continue to monitor the situation closely and take the necessary steps to address challenges to the local currency exchange market and respond to the consumers’ needs,” it said in a statement today.

The association explained that the exchange rates quoted for foreign currencies sold by licensed money changers in Malaysia are determined by market forces which depend on factors such as the cost of sourcing for currencies, operations costs and demand for currencies.

“In view of this, currency exchange rates offered amongst licensed money changers may vary and consumers are advised to shop around for competitive rates,” it said.

It urged members of the public facing difficulty in exchanging foreign currencies to contact the association at 03-77225808.

The Ringgit opened stronger today against the British pound at 5.4343/4446 from 5.4508/4675.-nst