# Bank Negara: Ringgit on recovery path after sustained depreciation against US dollar in 2022 | Malay Mail

> Bank Negara's Annual Report 2022 says the ringgit depreciated sharply in 2022 as the Fed raised rates by 425 basis points. The currency hit a historic low of RM4.7465 on November 4, 2022, though the nominal effective exchange rate stayed relatively stable. The central bank describes the ringgit as on a recovery path.

- Date: 2023-03-29 · published 2023-03-29T12:00:00.000Z
- Category: report · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/37152-bank-negara-ringgit-on-recovery-path-after-sustained-depreciation-against-us
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

The central bank's view of a recovering ringgit points to easing import costs for Malaysian feed buyers, though its effect is limited.

## Read by commodity

- USDMYR: neutral

## Sources

- malaymail.com: https://www.malaymail.com/news/money/2023/03/29/bank-negara-ringgit-on-recovery-path-after-sustained-depreciation-against-us-dollar-in-2022/62059

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