ID :
39420
Wed, 01/07/2009 - 21:22
Auther :
Shortlink :
https://oananews.org//node/39420
The shortlink copeid
M`SIAN CENTRAL BANK`S INTERNATIONAL RESERVES AT US$91.4 BILLION
KUALA LUMPUR, Jan 7 (Bernama) -- The international reserves of Central Bank
of Malaysia amounted to RM316.8 billion (US$91.4 billion) as at Dec 31, 2008.
The reserves level has taken into account the quarterly adjustment of the
foreign exchange revaluation loss, following the strengthening of the ringgit
against some of the major currencies during the quarter, Central Bank of
Malaysia said in a statement Wednesday.
According to the central bank, the reserves position is sufficient to
finance 7.4 months of retained imports and is 3.3 times the short-term external
debt.
For the year as a whole, the international reserves moderated by RM18.9
billion, the Central Bank said.
During the first six months of 2008, the reserves increased by RM75.2
billion (US$1=RM3.49) to RM410.9 billion as at end-June, due mainly to higher
repatriation of export earnings, large inflows of short-term portfolio capital
as well as foreign direct investment.
Subsequently, the reserves declined by RM94 billion in the second half of
the year, due mainly to the reversal of the short-term portfolio capital flows
as a result of the de-leveraging process by foreign investors following the
global financial crisis, the central bank said.
Nevertheless, the central bank said the short-term capital outflows, which
peaked in October, have shown signs of subsiding.
During the year, the cumulative foreign exchange revaluation loss amounted
to RM5.8 billion, reflecting the strengthening of the ringgit against major
currencies, particularly in the first and fourth quarters of 2008, it said.
Malaysia's international reserves, which are usable and unencumbered, are
expected to remain at a comfortably high level in 2009, it said.
"The level of reserves would be supported by the continued trade surplus,
given Malaysia's diversified export markets and products as well as inflow of
foreign direct investment," it said.
-- BERNAMA
of Malaysia amounted to RM316.8 billion (US$91.4 billion) as at Dec 31, 2008.
The reserves level has taken into account the quarterly adjustment of the
foreign exchange revaluation loss, following the strengthening of the ringgit
against some of the major currencies during the quarter, Central Bank of
Malaysia said in a statement Wednesday.
According to the central bank, the reserves position is sufficient to
finance 7.4 months of retained imports and is 3.3 times the short-term external
debt.
For the year as a whole, the international reserves moderated by RM18.9
billion, the Central Bank said.
During the first six months of 2008, the reserves increased by RM75.2
billion (US$1=RM3.49) to RM410.9 billion as at end-June, due mainly to higher
repatriation of export earnings, large inflows of short-term portfolio capital
as well as foreign direct investment.
Subsequently, the reserves declined by RM94 billion in the second half of
the year, due mainly to the reversal of the short-term portfolio capital flows
as a result of the de-leveraging process by foreign investors following the
global financial crisis, the central bank said.
Nevertheless, the central bank said the short-term capital outflows, which
peaked in October, have shown signs of subsiding.
During the year, the cumulative foreign exchange revaluation loss amounted
to RM5.8 billion, reflecting the strengthening of the ringgit against major
currencies, particularly in the first and fourth quarters of 2008, it said.
Malaysia's international reserves, which are usable and unencumbered, are
expected to remain at a comfortably high level in 2009, it said.
"The level of reserves would be supported by the continued trade surplus,
given Malaysia's diversified export markets and products as well as inflow of
foreign direct investment," it said.
-- BERNAMA
