# Coordinated Govt Actions Bolster ringgit As Asia's Top Performing Currency - MoF

> The Malaysian Ministry of Finance said the ringgit has become Asia's top-performing currency against the dollar due to coordinated government and central bank actions since February 2024. The ringgit traded at 4.6642 on July 17, against a 2024 low of 4.7987.

- Date: 2024-08-01 · published 2024-08-01T12:00:00.000Z
- Category: policy · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/29555-coordinated-govt-actions-bolster-ringgit-as-asia-s-top-performing-currency-mof
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Policy-driven ringgit stability reduces currency volatility for Malaysian palm oil exporters, with limited direct effect on global feed commodity prices.

## Read by commodity

- USDMYR: bearish ▼
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2017-02-27 | [Malaysia's currency curbs boomerang on bond markets](https://feedsoft.ai/events/72756-malaysia-s-currency-curbs-boomerang-on-bond-markets.md) | -3.0% | -4.8% |
| PALMOIL | 2024-12-16 | [Ringgit strengthens 2.8 pct against US Dollar as of Nov 2024 – MOF](https://feedsoft.ai/events/27223-ringgit-strengthens-2-8-pct-against-us-dollar-as-of-nov-2024-mof.md) | -3.8% | -12.2% |
| PALMOIL | 2023-03-30 | [Plantation Ministry: No plan to regulate price of Malaysian palm oil as govt-controlled product  \| Malay Mail](https://feedsoft.ai/events/36958-plantation-ministry-no-plan-to-regulate-price-of-malaysian-palm-oil-as-govt.md) | -1.1% | -4.0% |
| PALMOIL | 2020-07-02 | [Stepping up EU action to protect and restore the world's forests \| European Committee of the Regions](https://feedsoft.ai/events/52140-stepping-up-eu-action-to-protect-and-restore-the-world-s-forests-european.md) | +3.0% | +9.6% |
| PALMOIL | 2018-10-12 | [EU countries called to step up actions on sustainable palm oil](https://feedsoft.ai/events/62558-eu-countries-called-to-step-up-actions-on-sustainable-palm-oil.md) | +1.8% | -4.2% |

## Sources

- mof.gov.my: https://www.mof.gov.my/portal/en/news/press-citations/coordinated-govt-actions-bolster-ringgit-as-asias-top-performing-currency-mof

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.