Finance Minister Najib Abdul Razak appears to have cleared the tycoon Tong Kooi Ong of allegations that the latter is attempting to profit from manipulating the ringgit.
When asked of progress of investigations against Tong, Najib did not address the question or even mention Tong, but instead assured Malaysia is not threatened by such attempts at currency manipulation.
He also pointed to the sheer trade volume of the ringgit at the foreign exchange market, which averaged at US$ 11.8 billion (RM43.70 billion) a day in 2014.
"Therefore based on such large volume, the probability of a single person influencing the value of the ringgit is extremely remote," he said in a written parliamentary reply to Lim Lip Eng (DAP-Segambut) today.
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