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Bank Negara Malaysia (BNM) said it had stepped up engagements with government-linked investment corporations and companies, private corporations and investors “to encourage continuous inflows to the foreign exchange market”.
The currency continues to hover close to its lowest-ever level on elevated pressure from expectations of a US Fed rate change and sustained weakness in China’s economy.
But on Wednesday morning, a tearful Raghad Kurdi Taib and her husband’s four children appeared to have set aside their differences for Taib’s wake at the national mosque.
Taib, also Sarawak’s longest-serving chief minister, died before dawn in Malaysia’s capital Kuala Lumpur, according to an announcement on his daughter Hanifah Hajar’s Facebook page.
Malaysia’s central bank has defended the trajectory of the country’s economic growth, after the ringgit sunk to its lowest since the 1997 Asian financial crisis, blaming a strengthening US dollar and uncertainty in China’s economy rather than domestic indicators for the slump.
The ruling caused alarm among some Islamist elements, who appeared on the ascendancy after a sequence of recent poll victories. These leaders say it is the responsibility of all Muslims to support efforts to elevate laws prescribed in the Koran.
The Kelantan state assembly in 2021 passed amendments to the state’s sharia law, broadening its powers to include criminal acts, amid a surge in religious conservatism that has triggered more frequent cultural clashes in recent years.
In recent years, there have been increasingly frequent and bitter rows over culture and heritage in Malaysia, in step with the poll gains of Islamist parties, who claim to protect the economic and political interests of the multi-ethnic country’s Malay-Muslim majority.