Friday, May 20, 2011

#Flash* BNM international reserves at highest ever of RM401 bln

KUALA LUMPUR: Bank Negara Malaysia's foreign reserves surged to a new historic high of RM401 billion or US$132.6 billion as at May 13.

According to the BNM statement issued on Friday, May 20 this was an increase of RM7.8 billion or US$2.6 billion above the RM393.2 billion or US$130 billion on April 29.

'The reserves position is sufficient to finance 9.4 months of retained imports and is 4.4 times the short-term external debt,' the central bank said.

Economists said the May 13 reserves at RM401 billion was the highest ever, surpassing the earlier high of RM393.2 billion on April 29. Bulk of the inflow was capital inflows, they added.

They said the fundamental factors remained supportive of private capital inflows into Malaysia, which were brighter growth prospects, positive newsflow on economic transformation and renewed investor interest.

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