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Zeti: Ringgit stable

KUALA LUMPUR, 5 March 2009: The ringgit’s movement is in line with that of other currencies, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said.

“It is now stable against the other currencies so the market remains orderly,” she said when asked about the ringgit’s movement.

The ringgit is now hovering near RM3.70 to the US dollar and close to the RM3.80 level to which it was once pegged against the greenback.

Zeti was speaking to reporters after launching PT Bank Muamalat Indonesia in Malaysia here, today.

Asked if the current level of the ringgit was significant, she said:”No. That’s precisely why we have a flexible exchange rate regime. When conditions change, the ringgit is able to respond and that flexibility is important.”

She said the ringgit’s movement now also reflected that of the US dollar.

Asked if Bank Negara was intervening in the market, she said the central bank would do so only to ensure orderly conditions. — Bernama


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