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Not good time to internationalise Ringgit, says Zeti

Posted on: March 26, 2009


Bernama – Thursday, March 26

KUALA LUMPUR, March 25 (Bernama) — Bank Negara Malaysia has no intention to internationalise the ringgit in the near future, its governor Tan Sri Dr Zeti Akhtar Aziz said today.

“We have said many times that this will only happen when we have a more developed foreign exchange market such as larger volumes and other instruments for hedging in the market before we internationalise the currency,” she said.

“Bank Negara will certainly not take such measures now, especially with the current unstable global financial environment,” she told reporters after unveiling the central bank’s 2008 annual report here.

Asked about Bank Negara’s currency swap agreement with China, Zeti said it was to facilitate trade between China and Malaysia, which has not been very significant.

China is now Malaysia’s sixth largest trading partner, she said, adding that the agreement was in reminbi and not US dollar. — BERNAMA

SM/NBB LC

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