Loyal points

The legal tender is ringgit in the daily business or financial transactions in Malaysia. Foreigners or tourists bringing in their own currencies are required to convert into ringgit for any economical activities. That means only ringgit is accepted and no other or loyal points are to be used. The raid on MBI Group International by the authorities including Bank Negara is expected as MBI promote non-ringgit activities in our business and financial transactions. If the so-called “Loyal points” based transactions unchecked and become rampant in our market, it would mean there are two tenders in our monetary system. One is the legal tender in ringgit recognized by the Bank Negara and the other created by private sector. It not only creates confusion but brings susceptibility. Action by the authorities to nip the bud on the Money Game or Get Rich Quick is commendable as it will prevent more ignorant and innocent people to become victims of the games.