KUALA LUMPUR: The Financial Markets Association of Malaysia (FMAM) is encouraged by the Prime Minister and Finance Minister Datuk Seri Najib Tun Razak’s assurance that Malaysia would not impose capital controls nor peg the ringgit.
It said friendly policies are welcomed by the financial markets which are experiencing significant market volatility despite the strong fundamentals of the economy.
Bank Negara had also given a similar assurance on capital controls and the ringgit.
In a statement, the FNAM said this commitment would help ensure that the market continues to remain robust andfunctions well.
“Dispelling the possibility of capital controlsis especially useful to foreign investors in a move that signals Malaysia’s continued commitment to an open capital and current account,” it added.
The FMAM is a professional body which supports the development of the financial markets with members who include all Malaysian licensed banks, domestic as well as foreign-owned.
It is committed to providing regulatory guidance, hedging and transactional solutions to those exposed to the volatile foreign exchange rate market which applies to onshore users as well as offshore investors who seek to hedge and protect their investments in Malaysia. – Bernama
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