KUALA LUMPUR: Malaysia’s central bank said on Wednesday it intervenes in the ringgit currency market to avoid excessive volatility, after the U.S. Treasury flagged Malaysia as one of the countries whose currency practices deserve scrutiny.
The Trump administration said on Tuesday no major trading partner met its currency manipulation criteria but nine countries, including China, Japan, South Korea and Malaysia, required close attention.
“Bank Negara Malaysia’s intervention over the last few years has been in both directions of the foreign exchange market,” the central bank said in a statement.
“Any intervention is limited to ensuring an orderly market and avoiding excessive volatility of the exchange rate that may affect macroeconomic stability,” it said. -- Reuters