KUALA LUMPUR, Sept 23 (NNN-Bernama) —\u00a0Bank Negara Malaysia (BNM)\u00a0said it will continue\u00a0to closely monitor and ensure orderly financial market conditions amid\u00a0external developments that have led to persistent strength in the US dollar against almost all currencies, including the ringgit.<\/p>\n\n\n\n
However, the central bank said that \u201cringgit movements will continue to be market determined and the foreign exchange market continues to function and intermediate effectively.\u201d<\/p>\n\n\n\n
\u201cDaily onshore forex transaction volume has been increasing throughout, reaching a current average of US$13.3 billion against US$11.3 billion in 2021, amid two-way flows.<\/p>\n\n\n\n
\u201cBond market activity remains healthy, well supported by institutional investors and financial institutions,\u201d it said in a statement. <\/p>\n\n\n\n
The US dollar has strengthened significantly due to aggressive monetary policy tightening in the United States. The ringgit fell to 4.5670\/5710 against the greenback at the opening today compared with 4.5660\/5695 at yesterday\u2019s close.<\/p>\n\n\n\n
BNM governor Nor Shamsiah Mohd Yunus said \u201cMalaysia remains an open economy. Rather than resorting to capital controls or re-pegging the ringgit, the policy priority now is to sustain economic growth in an environment of price stability and to further strengthen domestic economic fundamentals through structural reforms.\u201d<\/p>\n\n\n\n
\u201cThis will provide a more enduring support for the ringgit,\u201d she added. <\/p>\n\n\n\n
The central bank also said tighter global financial conditions and higher volatility in foreign exchange markets were not expected to derail Malaysia’s economic growth.<\/p>\n\n\n\n
Malaysia\u2019s economy expanded by 8.9 per cent in the second quarter and will continue to be driven by further improvements in labour market conditions and higher tourism activity, while exports were underpinned by the country\u2019s highly diversified products and markets, the central bank said.<\/p>\n\n\n\n
\u201cThe domestic financial system is well capitalised with ample liquidity, and financial intermediation continues to be supportive of the economy,\u201d it said in a statement.<\/p>\n\n\n\n
Hence, BNM said its market operations will ensure sufficient liquidity and the orderly functioning of financial markets.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Sept 23 (NNN-Bernama) —\u00a0Bank Negara Malaysia (BNM)\u00a0said it will continue\u00a0to closely monitor and ensure orderly financial market conditions amid\u00a0external developments that have led to persistent strength in the US dollar against almost all currencies, including the ringgit. However, the central bank said that \u201cringgit movements will continue to be market determined and the foreign […]<\/p>\n","protected":false},"author":30,"featured_media":147241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192544"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=192544"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192544\/revisions"}],"predecessor-version":[{"id":192545,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192544\/revisions\/192545"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/147241"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=192544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=192544"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=192544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}