KUALA LUMPUR, Nov 15 -- Bank Negara Malaysia (BNM) welcomed Malaysia’s removal from a US currency manipulation watch list, affirming the ringgit’s market-driven status.
Governor Datuk Seri Abdul Rasheed Ghaffour stressed that Malaysia has never used its exchange rate to gain a competitive advantage in the market.
“So, this is something that affirms our belief and affirms our position on this matter. It’s a welcome development,” he said during today’s third quarter (3Q) 2024 gross domestic product (GDP) press conference.
Abdul Rasheed said the ringgit is set to benefit from strong domestic growth and momentum from the ongoing government reforms and the narrowing of the interest rate differentials between the US and Malaysia.