Money

by HIDAYATH HISHAM

EMPLOYEES Provident Fund (EPF) will close all contribution payment, or remittance, counters at its offices nationwide from July 1, 2026.

In a recent notice, the retirement fund said the closure would apply only to remittance counters, while all other EPF service counters at its offices would continue to operate as usual.

Following the closure, members may continue to make contribution payments through the KWSP i-Akaun app, internet banking, bank agent counters, Self-Service Terminals (SST), as well as Mobile KWSP Team or Relationship Advisory (RA) services.

For employers, the EPF said contribution payments should be made through the i-Akaun (Employer) portal to enable smoother payment processing.

The fund said the closure of receipting counters at EPF offices would not affect the ability of members or employers to make contribution payments, as several alternative channels remain available.

“EPF remains committed to continuously improving its service delivery and ensuring that members and employers are able to perform transactions seamlessly through secure, accessible and efficient platforms,” it said.

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KUALA LUMPUR — The ringgit ended slightly higher against the greenback and other major currencies on Thursday, shrugging off the impact of stronger-than-expected US inflation data for May.

At 6pm, the local note inched up to 4.0650/0690 versus the greenback from Wednesday’s close of 4.0670/0715.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit held steady at the RM4.06 level despite the US consumer price index (CPI) hitting a three-year high in May at 4.2 per cent. “This has happened ahead of the US Federal Open Market Committee (FOMC) meeting next week on June 16 and 17. The US Federal Reserve (Fed) is likely to maintain its restrictive monetary policy stance next week, which can be US dollar-positive in the near term,” he told Bernama.

At the same time, Mohd Afzanizam said uncertainties over the war in Iran will keep crude oil prices elevated, keeping the inflation rate high.

The local currency traded higher against a basket of major currencies. 

It climbed versus the Japanese yen to 2.5321/5347 from 2.5347/5377 at Wednesday’s close, gained against the British pound to 5.4325/4378 from 5.4486/4546 and rose vis-a-vis the euro to 4.6878/6924 from 4.7006/7058.

The ringgit was also stronger against regional peers.

It appreciated versus the Singapore dollar to 3.1556/1589 from 3.1591/1628 on Wednesday and was up against the Thai baht at 12.3331/3501 compared to 12.3688/3871 previously.

It gained vis-a-vis the Indonesian rupiah to 225.9/226.2 from 226.6/227 and remained unchanged versus the Philippine peso at 6.62/6.63. — BERNAMA

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THE ringgit opened higher against major currencies today but eased marginally against the US dollar after stronger-than-expected United States inflation reinforced expectations that the Federal Reserve (Fed) could keep interest rates higher for longer.

At 8 am, the local currency slipped to 4.0685/0750 against the greenback from Wednesday’s close of 4.0670/0715.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Consumer Price Index (CPI) was the main focus overnight, with inflation accelerating to 4.2 per cent in May, the highest level since May 2023.

“The statistical releases gave the impression that the Fed is likely to be more hawkish when the Federal Open Market Committee members hold their meeting next week.

“US Treasury yields continued to climb, with the 10-year yield rising to 4.55 per cent, suggesting that inflation risks are increasing,” he told Bernama.

However, Mohd Afzanizam said foreign exchange markets are likely to remain cautious ahead of the Fed’s response to the latest CPI data and how it would be reflected in its projections for the federal funds rate.

The local currency traded higher against a basket of major currencies.

It strengthened against the Japanese yen to 2.5343/5385 from 2.5347/5377, appreciated against the British pound to 5.4367/4454 from 5.4486/4546, and rose against the euro to 4.6934/7009 from 4.7006/7058 at Wednesday’s close.

The ringgit traded mostly higher against its regional peers.

It appreciated against the Singapore dollar to 3.1583/1636 from 3.1591/1628 and strengthened against the Thai baht to 12.3363/3635 from 12.3688/3871 previously.

However, it eased against the Indonesian rupiah to 226.7/227.1 from 226.6/227.0 and was little changed against the Philippine peso at 6.62/6.64 compared with 6.62/6.63 at yesterday’s close. — BERNAMA

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