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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
an hour ago
- Free Malaysia Today
Ringgit ends higher on regional trade optimism
KUALA LUMPUR : The ringgit closed higher against the US dollar today, supported by improved regional sentiment following a new US-Vietnam trade deal, said SPI Asset Management managing partner Stephen Innes. Innes said the agreement to impose a reduced 20% tariff on Vietnamese exports, down from a previously threatened 46%, has lifted risk appetite and supported regional currencies. 'The markets see this as a positive sign for global trade recovery, which helped boost the ringgit,' he told Bernama. Innes also said the weaker-than-expected US ADP jobs data, with only 33,000 jobs added in June, reinforced expectations of two US rate cuts this year, pressuring the greenback. He noted, however, that market focus might shift to tonight's non-farm payrolls report, with consensus at 106,000. At 6pm, the local note rose to 4.2195/4.2255 versus the greenback from yesterday's close of 4.2245/4.2305. The local currency traded mostly lower against a basket of major currencies. It shrank against the euro to 4.9756/4.9827 from 4.9748/4.9818, and depreciated against the Japanese yen to 2.9333/2.9376 from 2.9316/2.9360. However, it appreciated versus the British pound to 5.7621/5.7703 from 5.7859/5.7941 yesterday. The local note traded mixed against its Asean counterparts. It improved vis-à-vis the Singapore dollar to 3.3146/3.3196 from 3.3167/3.3217, and rose against the Thai baht to 13.0211/13.0457 from 13.0233/13.0482. It slipped against the Indonesian rupiah to 260.5/261.0 from 259.9/260.5, and weakened against the Philippine peso to 7.50/7.51 from 7.49/7.51 previously.
The Star
an hour ago
- The Star
Malaysia succeeds in attracting RM8.13bil potential investments from Italy
Prime Minister Datuk Seri Anwar Ibrahim. ROME: Potential investments worth RM8.13 billion have been achieved through the Malaysia-Italy economic cooperation roundtable meeting and meetings with companies here, said Prime Minister Datuk Seri Anwar Ibrahim. The roundtable meeting involved the participation of 41 Italian companies and agencies, comprising 23 companies from the manufacturing sector, nine companies from the service sector, two companies from the trade sector as well as five government agencies and two industrial organisations. "The potential investments achieved through these two meetings are worth RM8.13 billion in the petrochemical, machinery and equipment, electrical and electronics, and oil and gas services and equipment sectors,' he said at a press conference at the end of his visit to Rome, Italy. Anwar, who is also the Finance Minister, said the potential exports generated were worth RM425 million for oleochemical products, renewable energy, biofuel feedstocks, animal feed additives and food. The roundtable meeting allowed potential companies in Italy an opportunity to express their desire to collaborate with Malaysian companies in various sectors such as high-tech manufacturing, renewable energy, digital economy and sustainable infrastructure. Meanwhile, Anwar said that in a bilateral meeting with his counterpart Giorgia Meloni, Rome and Putrajaya would increase cooperation in the energy, solar, geothermal and hydrogen sectors. Among the collaborations are the Petronas and Eni SpA joint venture in Pengerang, Johor in the sustainable aviation fuel (SAF) sector; Perodua and Magna Styer for electric vehicle batteries; and collaboration and investment in the modernisation of the electricity grid, including the ASEAN Power Grid (APG). In the discussion, the Prime Minister said he also applied for recognition of the Malaysian Sustainable Palm Oil (MSPO) certification from Italy, in addition to requesting support for a fairer assessment of the European Union Deforestation-Free Products Regulation (EUDR) Implementation. Malaysia aims to be in the low-risk category in the EUDR benchmark system when the rating is reviewed by 2026. Meanwhile, Malaysia has also sought Italy's support in concluding negotiations on the Malaysia-European Union Free Trade Agreement (FTA). The Prime Minister arrived here on Tuesday for a three-day working visit to Italy, the third largest economy in the EU. The visit was at the invitation of Meloni. Throughout the visit, Anwar was accompanied by Foreign Minister Datuk Seri Mohamad Hasan, Transport Minister Anthony Loke, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, Defence Minister Datuk Seri Mohamed Khaled Nordin and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Also joining the delegation was Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir. In 2024, total trade between Malaysia and Italy recorded an increase of two per cent to US$3.18 billion (RM14.61 billion) compared to the same period in 2023. For the period from January to May 2025, total trade between the two countries continued to show positive performance with an increase of 3.3 per cent to US$1.48 billion (RM6.5 billion) compared to the same period in 2024. The Prime Minister departed for France for an official visit on July 3 and 4 after concluding his visit to Italy. - Bernama
Malay Mail
2 hours ago
- Malay Mail
TECHKLOUD Officially Launches Exclusive Online Shopping Channel for Singapore, Making Global Goods Easily Accessible
SINGAPORE - Media OutReach Newswire - 3 July 2025 - The TECHKLOUD cross-border shopping platform brings a brand-new shopping experience to Singapore consumers, now officially launching an exclusive channel for convenient access to high-quality products from over 20 countries worldwide. From beauty products from Japan and Korea to Nordic home goods, everything you need is available to meet diverse shopping demands. With a fully compliant customs process, products are delivered directly to Singapore, making your cross-border shopping experience more secure and smooth. TECHKLOUD offers delivery services across Singapore, with core areas receiving shipments within 3-5 business days to ensure a fast experience. Additionally, the platform features a real-time package tracking system, allowing consumers to monitor their shopping progress at any time, providing peace of products on the TECHKLOUD platform are officially authorized genuine items, ensuring that every purchase is of high quality. We also offer localized customer support, with a service team proficient in English and Mandarin, ready to answer questions and provide guarantee your shopping experience, TECHKLOUD provides a flexible 15-day hassle-free return and exchange policy. If the purchased item does not meet your expectations, you can easily return or exchange it for a more reassuring shopping support various payment methods, including PayNow, GrabPay, PayPal, credit cards, and NETS, with all transactions secured and certified by the Monetary Authority of Singapore (MAS) to ensure safety and convenience. TECHKLOUD Singapore is dedicated to providing consumers with a fast, safe, and convenient shopping experience. The platform covers multiple categories, including fashion, consumer electronics, home goods, toys, and sports equipment, leading the e-commerce development in some of the fastest-growing countries globally. TECHKLOUD always focuses on delivering exceptional service, ensuring every customer enjoys multiple payment options, free returns, and comprehensive support with warranty our website: Experience seamless shopping services and access to quality global #TECHKLOUD The issuer is solely responsible for the content of this announcement.
