Malaysia launches measures to protect domestic currency
Malaysia’s central bank has announced measures to increase demands for the ringgit and bring down the vulnerability of the domestic currency against the US dollar.
Kuala Lumpur (VNA)♎ – Malaysia’s central bank hasannounced measures to increase demands for the ringgit and bring down the vulnerabilityof the domestic currency against the US dollar.
Exporters will have to convert 75 percent of export revenuesinto ringgit from November 5, said Assistant Governor of the Malaysian CentralBank Adnan Zaylani on December 2. At present, exporters are asked to transfer their money toMalaysia in three months after finishing all transactions and the foreigncurrency is allowed. Therefore, most of exporters have a tendency to keep theirmoney in USD in banks as the US currency value is more likely to increase in thelong term, which has weakened the ringgit, according to the central bank,adding that the Malaysian currency has skidded 3.72 percent compared to the USdollar since the beginning of 2015. Among other measures, the central bank has set a restrictionof foreign currency amount that companies and residents might invest both athome and abroad, with a maximum of 50 million ringgit for organisations and 1 million ringgit for individuals.-VNA
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Illustrative photo. (Photo: ibtimes.co.uk) 
