There has been a rise in conversion of export proceeds into ringgit by Malaysian exporters, says BNM.
Bank Negara Malaysia’s presence in the foreign exchange market is to stem currency movements deemed excessive, says BNM assistant governor Adnan Zaylani Mohamad Zahid.
“Our position on this is it is pretty much a business decision that exporters will have to make. As they have liabilities and obligations to meet in the local currency, they will convert whatever is necessary. “What we observed was earlier , perhaps in the second quarter, some exporters reduced their conversion but it picked up again towards end of the first half ,” he added.
Abdul Rasheed said the central bank remains committed to vigilant monitoring of global and financial market conditions, aiming to maintain an orderly market adjustment.
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