Pegging the ringgit will not be in the best interest of Malaysia as it will have substantial risks, one of which is mirroring the monetary policy of the country that the local currency is pegged against, said Tan Sri Nor Shamsiah Mohd Yunus.

The Bank Negara Malaysia (BNM) Governor said that after announcing Malaysia’s Gross Domestic Product (GDP) performance for the first quarter (Q1) of 2022 on Friday (May 13), added that BNM does not target any level of exchange rate and would ensure that there is no excessive volatility in the exchange rate and conditions in the financial market.

On the weakening of the local note, Nor Shamsiah said it was largely driven by external factors with the fact that growth in the US is very strong and inflation is rising, as well as uncertainties in the global economy.

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