KUALA LUMPUR: Malaysia will not resort to capital controls or re-pegging the ringgit, and the currency’s level will continue to be determined by the market, the central bank said on Friday.

The ringgit has dropped nearly 9% this year, and hit a fresh 24-year low this week.

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“Rather than resorting to capital controls or re-pegging of the ringgit, the policy priority now is to sustain economic growth in an environment of price stability and to further strengthen domestic economic fundamentals through structural reforms,” Governor Nor Shamsiah Mohd Yunus said in a statement.

“This will provide a more enduring support for the ringgit,” she added.

The central bank also said it will continue to closely monitor and ensure orderly financial market conditions amid the strengthening of the US dollar.