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The Association of Banks In Malaysia

The Association of Banks in Malaysia is supportive of measures to stabilize ringgit

Kuala Lumpur, Thursday, 8 December 2016:- The Association of Banks in Malaysia (ABM) wishes to refute reports that banks are benefitting from the recent measures to increase the demand for ringgit. Bank customers are encouraged to shop around for the banks which best meet their needs in terms of pricing, services and other considerations.

The measures taken to stabilize the ringgit is for the longer term development of the onshore market and will result in less volatility of the ringgit against major currencies, especially against the US dollar, which is presently the main currency for the country’s trade. The action taken would benefit manufacturers and traders in the long term as they would not be distracted by the exchange rate volatility.

While there will be some initial adjustments to the new measures, overall, there will be greater stability to the movements of the ringgit which will ultimately benefit all the real sectors of the economy.

ABM Connect | Toll-free on 1300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.

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The Association of Banks in Malaysia (ABM) was formed in November 1973. Our membership is currently made up of the 26 commercial banks operating in Malaysia.

Since its inception, ABM has been actively involved in various initiatives to promote and strengthen the commercial banking industry to become more resilient, effective and efficient.

Tel No. : +603-2202 7223
ABMConnect : 1300-88-9980

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