Ringgit strengthened 14.6 pct in 2017, most stable in region


  • Forex
  • Saturday, 24 Mar 2018

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

 

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Business News

Binance.US to halt dollar deposits after SEC crackdown
Oil prices poised for second straight week of losses as China recovery disappoints
BOJ set to keep ultra-low rates, may signal inflation overshoot
Gold on track for weekly gain on Fed rate pause optimism
MBI, PETRONAS ink MoU on proposed power plant, terminal maintenance
Asia shares lifted by Fed pause bets; China real estate retreats
Northport anticipates better 2H cargo movements, boosting capacity - CEO
IPI in April 2023 declined 3.3%
Manufacturing sales value declined to RM145bil in April
Mild gains on Bursa as odds turn in favour of Fed rate pause

Others Also Read