LIMA, Peru: The International Monetary Fund (IMF) has backed Malaysia's monetary stance amidst the ringgit’s volatility.
This was conveyed by IMF managing director Christine Lagarde to Prime Minister Datuk Seri Najib Razak during an interactive session with Asia Pacific Economic Cooperation (APEC) leaders here on Sunday.
"I (raised) the matter to her and she supports what we do. Floating the currency is the best line of defence because what is happening to the ringgit is beyond our control," Najib told the Malaysian media at the end of the two-day APEC Economic Leaders' Meeting.
During a meeting of the US-Asean Business Council, Najib said a Moody's Investors Service representative had told him that the Malaysian economy is “not in a state of anxiety.”