Ringgit volatility prompts intervention by Malaysian central bank

Kuala Lumpur

MALAYSIA'S central bank is taking steps to ensure that the markets do not price the ringgit excessively and put it out of sync, while providing the necessary liquidity in the foreign-exchange market.

This assurance came as the Malaysian currency sank to its lowest in more than 12 years in offshore markets on Friday; however, it held firm onshore after Bank Negara Malaysia (BNM) used moral suasion to ensure that local banks' quoted spot rates were within limits.