Beleaguered ringgit now hovering at levels lower than during the Asian financial crisis.
PETALING JAYA: Bank Negara Malaysia governor Abdul Rasheed Ghaffour has denied the economy is facing a crisis despite the ringgit hitting a new all-time low versus the US dollar as the country has strong fundamentals and a resilient banking sector.
BNM is committed to taking all necessary measures to maintain a “smooth and controlled adjustment of the ringgit”, fostering a conducive environment for businesses to thrive, he added. Rasheed explained the currency market is navigating a robust US dollar environment, while recent geopolitical developments continue to impact the financial market.
The latest weakening of the ringgit comes as the US dollar strengthened on safe haven demand amid concerns over the ongoing Israel-Hamas conflict.
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