He said the move, which was done by the central bank at the end of 2016, had its advantages and disadvantages as a form of capital control in controlling the difference in interest rates between the ringgit and foreign currencies.
"This is under BNM’s purview. I leave this to BNM’s discretion on how to control it,” he said in a press conference after officiating the pre-launch of the International Electric Mobility Showcase 2023 here today. Tengku Zafrul called for local companies, especially government-linked companies , to play a role in supporting the growth of the ringgit and not just leave the responsibility solely to the government.
"As a trading nation, we are the net exporter. We have current account position, which should be positive for our currency, but we must make sure we remain passionate about supporting our country’s currency as well,” he said.
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