Proactive measures for smoother financial market, Dewan Negara told

The government has taken several proactive measures to ensure a smoother financial market, the Dewan Negara was told today.

Deputy Communications and Multimedia Minister Eddin Syazlee Shith, who was representing the Finance Ministry during Question Time said the measures were to ensure adequate liquidity, resilient market and to reduce speculative activity.

He said the measures included requiring most of foreign exchange export proceeds to be converted into ringgit.

Eddin Syazlee was replying to Senator Yong Wui Chung on efforts to strengthen the value of the ringgit.

In the long run, Eddin Syazlee said the value of the ringgit would be driven largely by the fundamental strength of the country's economy.

In this regard, the government would continue to focus on efforts to enhance economic resilience by diversifying economic resources, strengthening the country's economic competitiveness and fiscal position.

"With this, the ringgit performance will continue to grow along with the strengthening of the nation's economic fundamental and global financial market," he said.

- Bernama