BNM says ringgit is market-determined
PETALING JAYA : Bank Negara Malaysia (BNM) said the ringgit's exchange rate is market-determined and that the central bank's derivative positions are used to manage liquidity conditions.
'BNM's short forward positions reflect the central bank's activities in managing the liquidity needs of the domestic financial market for effective financial intermediation,' the central bank said in an emailed statement.
'These positions are utilised to manage liquidity conditions and not to influence exchange rates in the foreign exchange market,' BNM said.
Some of emerging Asia's biggest central banks look to be dialing back interventions in the currency market and policymakers in India and Malaysia have reduced the size of some derivative positions, Bloomberg News reported on June 22.
'Malaysia adopts a flexible exchange rate,' BNM said.
'BNM's presence in the foreign exchange market, if any, is to manage excessive volatility in the exchange rate and ensure orderly market conditions,' it said.
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