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Malaysia's Ministry of Finance said the ringgit's 2022 depreciation to RM4.74 per dollar was driven by global factors, mainly aggressive US Fed hikes of 425 basis points, rather than weak fundamentals or failed central bank measures. Bank Negara Malaysia had raised rates by a cumulative 100 basis points over the same period.
The statement is a government explanation of past currency moves and does not signal a new policy change. It has little direct effect on feed commodity prices beyond reinforcing that Fed policy drives ringgit and palm oil currency moves.
mof.gov.mySaidiFeb 16, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
