Malaysia's central bank governor says ringgit weakens

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Malaysia's central bank governor says ringgit weakens

The Malaysian ringgit's weakening since 1998 was not a reflection of the state of the nation's economy, the central bank governor said on Monday.

The growth in the Malaysian economy was robust, the labour market was healthy and the financial system resilient, according to Bank Negara governor Nor Shamsiah Mohd Yunus.

The ringgit has lost 11.6 per cent against the dollar this year.

Bank Negara Malaysia will make sure that all their foreign currency needs can be met in a speech, as stated by Bank Negara Malaysia.

She said that the central bank's policy priority for Malaysia was to maintain economic growth within an environment of price stability and to strengthen economic fundamentals.

She said that pegging the Ringgit could cause more harm to the economy, as it will give more enduring support for the ringgit rather than resorting to capital controls or re-pegging.