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Malaysia introduces measures to shore up ringgit liquidity

Exporters required to convert 75% of foreign proceeds into home currency

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Malaysian ringgit bank notes of different denominations   © Reuters

KUALA LUMPUR -- Malaysia's central bank said Friday that exporters must convert into ringgit 75% of their proceeds made in foreign currency to correct liquidity imbalances.

The export-oriented country has enjoyed trade surpluses since 1998, but the conversion of earnings made from overseas trade into ringgit has been declining. Only 1% of total trade between 2011 and 2015 was exchanged into the Malaysian currency, compared with 28% in the prior five years.

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