Kuala Lumpur, Thursday, 8 December 2016:- The Association of Banks in Malaysia (ABM) wishes to refute reports that banks are benefitting from the recent measures to increase the demand for ringgit. Bank customers are encouraged to shop around for the banks which best meet their needs in terms of pricing, services and other considerations.

The measures taken to stabilize the ringgit is for the longer term development of the onshore market and will result in less volatility of the ringgit against major currencies, especially against the US dollar, which is presently the main currency for the country’s trade. The action taken would benefit manufacturers and traders in the long term as they would not be distracted by the exchange rate volatility.

While there will be some initial adjustments to the new measures, overall, there will be greater stability to the movements of the ringgit which will ultimately benefit all the real sectors of the economy.