KUALA LUMPUR (Jan 17): Bank Negara Malaysia’s (BNM) measures taken are bearing fruit in terms of stabilising the foreign exchange market so far. The exchange rate volatility has declined with average ringgit intraday movement narrowing to around 61 points from an average of 82 points in December last year, according to the central bank. “The difference between the buying and selling rates has also narrowed noticeably to 20 points in January, reducing the foreign exchange transaction cost,” BNM said in a statement issued this evening. BNM also mentioned that the reduced exchange rate volatility and the narrowing of the spread between buying and selling rate have lowered the transaction cost of conversion. It noted that BNM has also engaged two international financial market associations representing global fund managers and banks to provide clarity on the framework and to facilitate the registration and participation of their members in the onshore financial market.

Source: The Edge Markets January 17, 2017 13:19 UTC