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Ringgit regime helps transform economy [23-07-2011]  
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The ringgit's managed float regime and the flexibility it accords will continue to facilitate the transformation of the Malaysian economy as it advances towards being a high-income nation, says Bank Negara Malaysia (BNM) on Friday.

In a statement issued to mark the sixth year since the shift to a managed float regime for the ringgit, the central bank said it will continue to focus on facilitating orderly market conditions.

This is to ensure that international financial transactions can be conducted in an efficient manner.

In the six years, the global economic and financial landscape has experienced exceptional developments - the worst global economic and financial crisis since the World War II, and extreme volatility in two-way capital flows.


The exchange rate regime has accorded the economy with greater flexibility in facing these challenges, BNM said.

With the global economy recovering, the ringgit has also strengthened in line with Malaysia's stronger economic fundamentals.

The gradual and orderly adjustments of the ringgit have facilitated the corresponding changes to take place in the real economy, the central bank added.


Source:BUSINESS TIMES
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