Malaysian Central Bank Rejects Using Ringgit to Help Exports

Malaysia’s central bank said strong growth and ongoing reforms would provide support for the ringgit, ruling out using the currency to support exports, which it said are determined by global demand.

“The ringgit has never been an instrument for export competitiveness” Bank Negara Malaysia said in a written response to questions on Friday. While the central bank will continue to ensure “orderly conditions” in the foreign exhange market, “the ringgit is market-determined.”