Probability of an individual influencing the Ringgit is small: Najib

The probability of an individual to influence the value of the ringgit aimed at sabotaging the country's economy is small as the average daily activity for the ringgit involved a huge transaction.

Prime Minister Datuk Seri Najib Razak told the Dewan Rakyat that last year the average daily activity for the ringgit amounted to US$11.8 billion (RM43.71 billion).

"Based on such a huge transaction, the probability for an individual to influence the value of the ringgit is very small," he said in a written reply to a question from Lim Lip Eng (DAP-Segambut) which was distributed at Parliament lobby here Monday.

Lim asked on reports by several blogs that alleged that there were individuals involved in manipulation of the currency for personal gains and sabotage the country's economy.

Najib stressed that Bank Negara Malaysia (BNM) has law provisions related to restricting speculative activities on the ringgit.

"In the movement of the ringgit currently, the country's economy is not threatened by financial or economic sabotage of this nature as the economy is on a sustainable growth platform," he said.