Msia not affected by foreign funds outflow
Prime Minister Datuk Seri Najib Razak said the outflow of foreign funds will not affect Malaysia due to its strong economic fundamentals.
He said the country's economy is resilient than ever before due to its high savings rate and strong foreign reserves.
In an interview with CNBC at the CNBC Summit Conference, to be aired tomorrow at 5pm, Najib said Malaysia's foreign reserves stood at US$130 billion, while the Employees Provident Fund, Tabung Haji pilgrim fund and KWAP(Kumpulan Wang Amanah Pencen) pension fund contributed to the country's high savings rate.
The prime minister also said that Malaysia, for now, will not impose capital controls.
He said the government will use other existing financial instruments to correct any economic volatility.
On the Trans Pacific Partnership Agreement (TPPA), Najib reiterated its stance that Malaysia will not forgo its national interest in the agreement.