Bank Negara Malaysia admits it is intervening in the currency market although it denies it will be imposing capital controls, according to news reports.

Bloomberg reported that Bank Negara Malaysia assistant governor Adnan Zaylani Mohamad Zahid had said “yes” today when asked if the central bank was intervening in the foreign-exchange market.

But Adnan said there would “definitely” be no capital controls, as such measures were unwarranted and would be far too damaging and risky for the economy, The Edge Markets reported.