KUALA LUMPUR, Oct 23 — Bank Negara Malaysia (BNM) will do whatever is necessary to ensure the ringgit continues to adjust in an orderly manner, which allows businesses to be...
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Governor Datuk Abdul Rasheed Abdul Ghaffour said the central bank has a number of market measures that can be deployed to boost the ringgit if needed. Abdul Rasheed stressed that while the ringgit’s level versus the US dollar has touched the Asian financial crisis level, the country is not in a crisis based on its strong fundamentals reflected by its economic growth and well-capitalised banking system, among others.The governor explained that the currency market is operating in an environment of a strong US dollar, and the financial market is further affected by recent geopolitical developments.
"What I want to highlight is that although we have touched the Asian financial crisis level, we are not in a crisis. It is different from what we experienced in the past,” he said.He said the Department of Statistics Malaysia recently projected that the third quarter gross domestic product would grow by 3.3 per cent, up from the 2.9 per cent growth in the quarter before.
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