Ringgit strengthened 14.6 pct in 2017, most stable in region

Amid the demand for Asian currencies, the local note closed the day at 4.0130/0180 from Tuesday

KUALA LUMPUR: The ringgit strengthened 14.6 per cent in 2017 and has been the most stable currency in the region as economic outlook remains strong, said Bank Negara Malaysia (BNM) Governor, Tan Sri Muhammad Ibrahim.

In his speech at the Takaful Annual Dinner and Awards 2018 here yesterday, the governor said BNM had always indicated that market forces would determine the value of the ringgit.

"There has never been a target level for the ringgit exchange rate. With the economy and financial markets constantly evolving, fixation on a particular level of the ringgit exchange rate is counterproductive, if not detrimental to the economy.

"What matters for Bank Negara and all of us here is to ensure that any adjustments taking place is done in a gradual and orderly manner, without causing undue disruptions to businesses and households," he added.

Muhammad said the foreign exchange market can sometimes be very fickle, and therefore, BNM should always remain on guard. - Bernama