KUALA LUMPUR: Malaysia's central bank is intervening in markets to support the beleaguered ringgit, an official said on Friday, as regional authorities grapple with a surging dollar. Bank Negara Malaysia Assistant Governor Adnan Zaylani replied "Yes" when asked by reporters on Friday whether the central back was intervening in the foreign-exchange market, Bloomberg News reported. Speculation of such controls rose after the bank issued a statement earlier this week that was widely interpreted as seeking to curb trading of ringgit futures. It has been widely speculated that the central bank has regularly intervened on behalf of the ringgit over that span, eroding its international reserves. Economic growth came in at 4.3 percent in the third quarter, snapping a string of five straight quarters in which the pace of expansion slowed, Bank Negara said last week.

Source: New Strait Times November 18, 2016 06:42 UTC