Bank Negara will not peg Ringgit - Zeti
She said the government has diversified its income so that it does not solely rely on oil and gas revenues.
Bank Negara will not peg the Ringgit like it did during the 1997/1998 financial crisis, said its Governor Tan Sri Dr Zeti Akhtar Aziz.
She said Malaysia has a flexible exchange rate regime which can help the country to adjust according to global changes.
"If the exchange rate is not flexible, external developments will impact us," she said at a press conference after announcing Malaysia's second quarter GDP results today.
She said the government has diversified its income so that it does not solely rely on oil and gas revenues.
"80 per cent of income comes from the service and manufacturing sector. These are important to help grow our economy," she said.
She said Malaysia has strong economical fundamentals and said it was important to have savings to withstand this period.
"I believe once external environment improves, the domestic issues will be solved and the currency will better reflect its fundamental," she said.
Earlier in the press conference, Zeti had said that she will not resign and added that she will continue serving until her term expires next year.
She also dismissed talks that she is unwell and had suffered a heart attack.
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