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Bank Negara Malaysia said the ringgit will remain market determined and it will ensure orderly financial conditions. The central bank ruled out capital controls and re-pegging, and the ringgit traded at 4.5732 per dollar on September 23 at a 24-year low.
Malaysia has raised its benchmark rate three times this year to 2.5%.
The central bank's refusal to defend the currency with controls or a peg means import costs for Malaysian buyers will keep tracking the dollar. Higher domestic rates also raise financing costs for feed businesses.
straitstimes.comSep 23, 2022Not 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.
