The central bank of Malaysia announced on Tuesday that it will take action in the foreign exchange market to stabilize the country’s currency, the ringgit. The bank stated that the recent losses in the ringgit have been excessive and not reflective of the country’s economic fundamentals. It also noted that the volatility in the currency has been higher than historic movements. As per its mandate, the central bank will intervene to prevent excessive currency movements. However, the value of the ringgit will still be determined by the market. The bank believes that ongoing efforts to strengthen the export-driven economy and clarity on the US Federal Reserve’s interest rate and stimulus measures in China will support the ringgit. The finance ministry of Malaysia has also implemented policies to attract fund inflows and foreign investment in order to support the currency.
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