KONTAN.CO.ID - KUALA LUMPUR. Malaysia's government and central bank are taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remains stable, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour said on Wednesday. The ringgit, which declined to a 26-year low last month, has weakened about 3% this year, though the central bank has said the currency is undervalued and does not reflect Malaysia's positive economic fundamentals. Abdul Rasheed said authorities were working with state-linked companies to encourage more consistent repatriation and conversion of their foreign investment income, and stepping up engagements with international investors.
Malaysia Central Bank Taking Action to Encourage Flows into Foreign Exchange Market
KONTAN.CO.ID - KUALA LUMPUR. Malaysia's government and central bank are taking coordinated action to further increase flows into the foreign exchange market to ensure the ringgit remains stable, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour said on Wednesday. The ringgit, which declined to a 26-year low last month, has weakened about 3% this year, though the central bank has said the currency is undervalued and does not reflect Malaysia's positive economic fundamentals. Abdul Rasheed said authorities were working with state-linked companies to encourage more consistent repatriation and conversion of their foreign investment income, and stepping up engagements with international investors.