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Zeti: Ringgit reflects global phenomenon

KUALA LUMPUR: The ringgit, which fell to more than a three-year low on 2 March, is reflective of the current global economic situation, said Bank Negara governor Tan Sri Zeti Akhtar Aziz.

“It reflects the global phenomenon.It reflects the strength of the US dollar following deleveraging that is taking place and remitting of funds to the US dollar, and it’s not unique to Malaysia.

“It happens to other currencies all over the world,” she told reporters after officially launching Public Islamic Bank Bhd here on 3 March.

Zeti noted that the depreciation of ringgit took place in an orderly market.

“At this stage, we believe that so long as the market remains orderly, that is what is important,” she said.

Read more here.

This article first appeared on 4 March 2009 in The Edge Financial Daily under the title Zeti: Ringgit decline reflects global phenomenon. Used with permission.

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