Forex News

Malaysia’s weakening ringgit not reflecting state of economy – cenbank

2022.10.03 02:43

[ad_1]


© Reuters. FILE PHOTO: A general view of the Central Bank of Malaysia (Bank Negara Malaysia) in Kuala Lumpur, Malaysia, July 31, 2019. Picture taken July 31, 2019. REUTERS/Lim Huey Teng/File Photo

KUALA LUMPUR (Reuters) – The weakening Malaysian ringgit, which is at its lowest since 1998, was not a reflection of the state of the nation’s economy, its central bank governor said on Monday.

Bank Negara Governer Nor Shamsiah Mohd Yunus said the growth in the Malaysian economy was robust, the labour market healthy and the financial system resilient.

The Ringgit has lost 11.6% against the dollar so far this year.

“Bank Negara Malaysia will ensure that our onshore foreign exchange market remains liquid, so businesses can be assured that all their foreign currency needs can be efficiently fulfilled,” she said in a speech.

The central bank’s policy priority for Malaysia was to sustain economic growth within an environment of price stability and further strengthen economic fundamentals, she said.

“This will provide more enduring support for the ringgit rather than resorting to capital controls or re-pegging,” she said, adding that pegging the Ringgit could create more harm to the economy.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,331.69 1.91%
ethereum
Ethereum (ETH) $ 2,342.19 13.36%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.36 4.96%
bnb
BNB (BNB) $ 636.18 2.95%
solana
Solana (SOL) $ 172.17 7.54%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.2046 7.33%
cardano
Cardano (ADA) $ 0.785545 6.77%
tron
TRON (TRX) $ 0.262234 2.87%
staked-ether
Lido Staked Ether (STETH) $ 2,341.42 13.34%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,293.68 1.94%
sui
Sui (SUI) $ 3.91 0.32%
chainlink
Chainlink (LINK) $ 16.02 4.38%
avalanche-2
Avalanche (AVAX) $ 23.27 9.26%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,807.80 13.24%
stellar
Stellar (XLM) $ 0.296495 5.24%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 7.34%
hedera-hashgraph
Hedera (HBAR) $ 0.200637 5.17%
hyperliquid
Hyperliquid (HYPE) $ 25.08 14.16%
the-open-network
Toncoin (TON) $ 3.28 3.59%
bitcoin-cash
Bitcoin Cash (BCH) $ 409.03 2.02%
leo-token
LEO Token (LEO) $ 8.74 0.76%
usds
USDS (USDS) $ 1.00 0.00%
litecoin
Litecoin (LTC) $ 99.37 7.19%
polkadot
Polkadot (DOT) $ 4.79 11.02%
weth
WETH (WETH) $ 2,341.83 13.28%
monero
Monero (XMR) $ 310.36 6.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,492.04 12.99%
bitget-token
Bitget Token (BGB) $ 4.48 0.66%
pepe
Pepe (PEPE) $ 0.000012 19.03%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.00%
pi-network
Pi Network (PI) $ 0.724564 13.93%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,365.69 2.02%
whitebit
WhiteBIT Coin (WBT) $ 30.38 1.33%
uniswap
Uniswap (UNI) $ 6.33 14.43%
bittensor
Bittensor (TAO) $ 429.41 3.63%
near
NEAR Protocol (NEAR) $ 2.91 11.37%
dai
Dai (DAI) $ 1.00 0.01%
aptos
Aptos (APT) $ 5.54 5.24%
ondo-finance
Ondo (ONDO) $ 1.02 7.04%
okb
OKB (OKB) $ 53.65 2.00%
aave
Aave (AAVE) $ 210.22 7.89%
susds
sUSDS (SUSDS) $ 1.05 0.01%
official-trump
Official Trump (TRUMP) $ 14.61 17.92%
crypto-com-chain
Cronos (CRO) $ 0.101478 4.60%
ethereum-classic
Ethereum Classic (ETC) $ 19.10 7.35%
internet-computer
Internet Computer (ICP) $ 5.43 8.33%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%