Bank Negara Malaysia pledges to strengthen measures to boost foreign exchange inflows

Golden Ten Data reported on June 24 that the Central Bank of Malaysia stated it will intensify efforts to encourage foreign exchange inflows, including measures to promote the repatriation and settlement of overseas earnings by enterprises. In a statement released Wednesday, the Central Bank of Malaysia emphasized that the country’s strong economic fundamentals will continue to support the ringgit exchange rate. Following the statement, the ringgit’s losses narrowed. The ringgit has fallen by 4.30% in June, making it the worst-performing currency in Asia. As market expectations for U.S. interest rate hikes rise, emerging market currencies face downward pressure; at the same time, with two upcoming state elections in Malaysia approaching, political risk is rising, further impacting the Malaysian currency.