IMF supportive of Malaysia's currency move, ringgit movement out of control: Najib

LIMA: The International Monetary Fund (IMF), supportive of Malaysia's currency move, has acknowledged that the ringgit's current volatile movements is beyond the country's control.

IMF Managing Director Christine Lagarde conveyed her views on the matter to Prime Minister Datuk Seri Najib Abdul Razak during an unofficial dialogue held on the sidelines of the APEC Leaders Meeting on Sunday.

"She (Lagarde) is supportive of Malaysia 'floating the currency as the best line of defence' as the ringgit's movement were 'out of our control'," the prime minister told Malaysian journalists after the APEC Leaders Meeting.

As for US-APEC Business Coalition meeting, he said Moody's (representative) was present but the credit rating official did not say that Malaysia was in a state of emergency.

"Hence, if people say Malaysia is in a state of emergency, it is just politically motivated," he added. — Bernama