Bank Negara’s international reserves up 8.4% in 2017

PETALING JAYA: Bank Negara Malaysia's (BNM) international reserves rose 8.4% to US$102.4 billion (RM410.5 billion) as at December 29, 2017, compared with US$94.5 billion (RM378.9 billion) as at end-2016.

The international reserves level was also 0.2% higher than the US$102.2 billion recorded as at December 15, 2017.

The central bank said in a statement that the reserves level as at December 29, 2017 has taken into account the adjustment for foreign exchange revaluation changes.

It noted that the level of reserves was supported by higher current account surplus and continued inflows of foreign direct investment. These were, however, partly offset by direct investment abroad by Malaysian companies and portfolio investment abroad by resident institutional investors.

Bank Negara stressed that the current international reserves remain ample to facilitate international transactions.

"The reserves position is sufficient to finance 7.2 months of retained imports and is 1.1 times the short-term external debt."