# Ringgit depreciation driven by global phenomena, not failure of BNM’s measures – MoF

> 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.

- Date: 2023-02-16 · published 2023-02-16T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/37604-ringgit-depreciation-driven-by-global-phenomena-not-failure-of-bnm-s-measures
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

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.

## Read by commodity

- USDMYR: neutral

## Sources

- mof.gov.my: https://www.mof.gov.my/portal/en/news/press-citations/ringgit-depreciation-driven-by-global-phenomena-not-failure-of-bnm-s-measures-mof

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