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Bank Negara Malaysia announced measures to boost demand for the ringgit, requiring exporters to convert 75% of their proceeds into ringgit from Monday. Exporters were also offered a 3.25% special deposit rate as an incentive.
The ringgit strengthened offshore after the announcement, and the central bank could gain over US$18 billion in reserves.
A firmer ringgit lowers the local cost of dollar-priced imports such as feed ingredients, and the forced conversion of export proceeds reduces currency volatility for Malaysian buyers.
thestar.com.myThe Star OnlineDec 2, 2016Not 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.
