Bank Negara considers more measures to support ringgit: Deputy governor

KUALA LUMPUR: Bank Negara Malaysia is considering further measures to support the ringgit, according to its deputy governor Adnan Zaylani.

The central bank is still exploring other measures to ensure the currency remains stable and supported.

Adnan also said Bank Negara is actively engaging with the corporates to bring back foreign currency funds and convert them to ringgit.

"I think we have already spoken to a number of corporates who have foreign currency balances, that they are encouraged to repatriate and convert their foreign currency balances, and we are happy to give them approval," he emphasised.

He added that the Bank Negara will approve corporates' reinvestment abroad when the time comes.

"If they need to invest abroad, they can come to us to get the approval. So this is a couple of things that we are doing to ensure that the ringgit remains stable and supported," he said in a session at Bank Negara Sasana Symposium 2024 here today.

In the same session, Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar said exports in the local currency are still low compared to other currencies.

He revelead that about 60 to 70 per cent of export proceeds are in ringgit which is low compared to many other countries

"Many exporters still like to keep their export proceeds in foreign currency," he added.

Adanan said Bank Negara has been talking to government-linked investment companies, government-linked companies, and even corporates and exporters to repatriate and convert their foreign incomes. 

The bank also has discussed with them about their investments abroad and foreign currency balances.

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