KUALA LUMPUR, Oct 17, 2008 (AFP) - Malaysia has issued a guarantee for all bank deposits until December 2010 in a measure to maintain the stability of the financial system.
"These measures are pre-emptive and precautionary, since Malaysian financial institutions are well-capitalised with ample liquidity, and confidence of depositors remains intact," the central bank said in a statement.
It said that with immediate effect, the guarantee would cover all ringgit and foreign currency deposits with domestic and locally incorporated foreign banking institutions.
Bank Negara said late Thursday that if there was any further destabilising fallout from the global crisis, it would take additional measures to protect the financial system.
"In addition to ensuring adequate liquidity in the banking system at all times, (it) would also guarantee interbank obligations of banking institutions and facilitate efficient access to capital for banking institutions to maintain capital adequacy at target levels well above the minimum standards."
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