KUALA LUMPUR : Malaysia's central bank said on Tuesday it will intervene in the foreign exchange market to stabilise the ringgit currency as recent movements have been"excessive".
"As per its statutory mandate, Bank Negara Malaysia will intervene in the foreign exchange market to stem currency movements that are deemed excessive," the central bank's Assistant Governor Adnan Zaylani said in a statement.Ongoing government efforts to strengthen the economy will help to ensure that the ringgit better reflects the country’s fundamentals, he added.Source: Reuters
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