But he said a close look at the data allowed a more hopeful view.
"Based on fundamentals, our currency does not deserve to be this low ... over time we believe that the ringgit will come back to reflect its fundamental value."
The ringgit has lost a quarter of its value against the U.S. dollar this year and fallen to its lowest levels since the Asian financial crisis 17 years ago. Bonds have also fallen.
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Omar said that despite the ringgit's decline, Prime Minister Najib Razak had made it clear there would be no return to the capital controls of the 1990s, nor a return to a peg to the dollar.
He said the situation for Malaysian corporates was much better than in 1998.
"They are less leveraged and not many of them have foreign currency liabilities and those that do have U.S. dollar borrowings, for example, that's because they have U.S. dollar assets or revenue streams in U.S. dollars. So we have better matching of assets and liabilities."
"As far as the overall economic management, fiscal management, we are on the right track and obviously we are better prepared and more resilient to face the challenges that may come our way."
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Omar said he could not give a timeframe for recovery, but a special economics committee he chairs was recommending "proactive measures to be taken from time to time to deal with the current situation."
"It's our responsibility to make sure our businesses are prepared for more challenging times.
"We must make sure we provide the support and assistance to our people to ease their burden ... this will include making sure that their access to credit will not be impaired and they are able to sustain their business and for the people to be able to continue to remain employed."
Omar declined to address details of the case of troubled strategic investment fund 1MDB, which has helped shake confidence in Malaysia, saying investigations must be allowed to take their course.
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The power and property fund, whose advisory board is chaired by the prime minister, has amassed debt of more than $11 billion and a number of foreign jurisdictions have reportedly begun investigations concerning the fund or its staff.
"What has happened has happened and there is that parliamentary process with the public accounts committee and the various investigations by respective agencies. We must allow them to do their job," he said.
"What is actually more important is to make sure that management will be able to execute the rationalization plan so that they will be able to realize sufficient proceeds from the assets to pay off their debts."
He noted that the management had said it was "hopeful that the proceeds will be sufficient to cover the debts."