Malaysia has seen the ringgit lose 20% of its value against the dollar this year and a 9% fall in its stock market.
The announcement had a modest impact on share values with the Kuala Lumpur composite index up 0.6% to 1,612.52.
The country's economy has suffered because of falling prices for its commodity exports.
Its position worsened two months ago after its prime minister Najib Razak was involved in a political scandal.
The prime minister said state investment firm ValueCap will invest in undervalued companies and firms in the manufacturing sector would be exempt from import duties until the economy is back on track.
Slowing demand from China, falling commodity prices and a strengthening US dollar has pushed the ringgit to near 18-year lows.
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