“We are still looking at what are the various other measures and initiatives that we can undertake to ensure the ringgit remains stable and supported.

“It’s important for the ringgit to perform like we expect it to in order to reflect the strength of our fundamentals,” he said at a BNM event today.

Policymakers have taken coordinated measures to shore up the local currency after it slid to a 26-year-low in February.

“The efforts have helped stabilised the ringgit since.

“The ringgit rose 0.1% against the dollar to 4.7158 today,” Adnan Zaylani added.

He said the central bank will also focus on “domestic challenges” in deciding its monetary policy, given the potential impact of the nation’s fuel subsidy reforms.

“Subsidy rationalisation presents near-term challenges on how our inflation and growth outlook could be affected in the near term.

“Whether this warrants any response from monetary policy is something that has yet to be determined,” he said.

Malaysia started cutting blanket diesel subsidies on Monday and has vowed to make a similar move with RON95, the country’s cheapest and most commonly used gasoline, as the government seeks to improve its finances.