BNM warns of ‘excessive’ ringgit speculation
KUALA LUMPUR: Bank Negara Malaysia is monitoring the ringgit, which hit a fresh 10-year high on Monday, and its governor Tan Sri Dr Zeti Akhtar Aziz is cautioning that the central bank will act on “excessive” speculation.
She said yesterday Bank Negara wanted to ensure an “orderly market condition” for the ringgit, which rose to 3.3385 against the US dollar on Monday. It was up 4.88% since the start of the year and up 12.14% since it was depegged on July 21, 2005.
“We want to see stability in our currency versus other currencies of our major trading partners particularly in the Asean region. So far, that has happened.
“If there are excessive speculative flows, then there will be intervention,” she said after opening the Malaysia Financial Exhibition 2007 here….
