KUALA LUMPUR (March 17): The Ministry of Finance (MoF) assured today that it is working closely with Bank Negara Malaysia (BNM), Securities Commission (SC) and Bursa Malaysia to monitor and ensure the country's capital and financial markets continue to operate in a transparent manner during the implementation of the government's Movement Control Order between March 18 and March 31.

Finance minister Tengku Datuk Seri Zafrul Aziz (pix) said the Malaysian economy has been impacted — similar to most markets around the world — by the ongoing Covid-19 pandemic. As the effects are still unfolding, he said market volatility is only expected.

"This is not the first time this nation has faced adverse challenges to the economy, and we have over the years, continued to strengthen our market infrastructure, rules, processes and buffers to withstand times of volatility and uncertainty such as the one we are facing now," he said in a statement today.

As such, Zafrul said BNM, SC and Bursa Malaysia have been proactively monitoring the national and global development of Covid-19 to assess its impact and will continue to evaluate and recalibrate their responses to maintain market integrity.

"The Ministry of Finance will continue to work with these agencies and other ministries to ensure that the Malaysian capital and financial markets remain transparent, efficient and competitive," he added.

Yesterday, Prime Minister Tan Sri Muhyiddin Yassin announced the Movement Control Order, which will be effective for 14 days from March 18 to March 31, to contain the coronavirus outbreak.

The order entails comprehensive restriction on movements and public gatherings nationwide including religious, sports, social and cultural activities.

It also includes a shutdown of houses of worship and business premises, except for supermarkets, public markets and convenient stores.