Malaysia considers taking measures to stablise ringgit

Muhammad Ibrahim, Governor of the Central Bank of Malaysia, said on February 7 that the continuous devaluation of ringgit forced the bank to consider more measures to stablise the currency if necessary.

Illustrative image

Muhammad Ibrahim said new measures are only applied if they are necessary and they will not include controlling capital and adjusting exchange rate but focus on stablising ringgit and ensure the market’s liquidity.

Ringgit is the currency with the deepest devaluation among emerging markets in Asia since Donald Trump was elected as President of the United States in November 2016.

Since November 9, 2016, ringgit has lost 5.3 percent of its value against US dollar.

The measures taken by the Central Bank of Malaysia will need from three to six months to prove effective.-

Other news

Most view

A massive fire that broke out in an illegally constructed dormitory claimed the lives of 6 Vietnamese workers and injured 5

6 Vietnamese workers die during fire in illegal dormitory

The remains of six Vietnamese workers were recovered today after a massive blaze struck a factory and what is suspected of being an illegally constructed dormitory, with five other Vietnamese employees also sustaining injuries in Taoyuan early this morning (Dec. 14).