KUALA LUMPUR, Aug 27 — The Malaysian Association of Money Services Business (MAMSB) assured the public today that there was an “adequate” supply of foreign currency in the country to meet the demands of all Malaysians, amid an ongoing global economic slump that has seen the ringgit value sink to new 17-year lows on a near daily basis.

MAMSB added that its foreign currency supply would also be able to sustain the seasonal demand of Muslims planning to conduct their pilgrimage, or Hajj.

“The Malaysian Association of Money Services Business would like to assure the public that there is adequate supply of common foreign currencies in the market to meet the current demand as well as to cater for seasonal demand such as the Hajj pilgrimage season,” it said in a statement today.

The group added that anyone who is faced with “difficulty” when purchasing foreign currency may contact them directly at 03-7722 5808.

MAMSB also urged Malaysians to go to one of the 350 licensed money changers available when exchanging their currency.

“The public is advised to exchange their currencies with licensed money changers in Malaysia before travelling abroad. 

“Currently, there are more than 350 licensed money changers with over 1,000 outlets throughout Malaysia providing currency exchange services,” the association said.

Since last year, the ringgit has lost over a fifth of its value against the US dollar, now hovering around RM4.10 to the greenback and below the RM3.80 peg that was imposed during the 1997 Asian Financial Crisis.

The sharp drop is not unique to Malaysia as the decline in currencies was also seen in other commodities-driven countries, including Indonesia and Australia.

However, economists have remarked on Malaysia’s political instability as the country’s leadership deals with controversies surrounding debt-riddled state investment firm 1Malaysia Development Berhad.

Prime Minister Datuk Seri Najib Razak announced yesterday that a Special Economic Committee (JKE) has been set up to deal with the current global market crisis that has also impacted Malaysia.

Member’s of the JKE economic planning committee include CIMB group chairman Datuk Seri Nazir Razak, who is also Najib’s brother, as well as top leaders from sovereign wealth fund Khazanah Nasional Berhad, like its deputy chairman Tan Sri Nor Mohamed Yakcop and managing director Tan Sri Azman Mokhtar.

The prime minister also announced last week that Malaysia’s strong economic fundamentals negated the need for currency or capital controls amid the ringgit’s plunge in value and an ongoing foreign investment flight.