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Bank Negara Malaysia Governor Muhammad Ibrahim said local banks have been told that onshore opening ringgit prices cannot reference offshore prices. The central bank will no longer tolerate ringgit trading in the non-deliverable forwards market.
The ringgit had already slid to an 11-month low of 4.41 per dollar.
Curbing offshore ringgit trading tightens capital controls and weakens the currency, which raises the dollar cost of Malaysian palm oil imports and can shift palm oil trade pricing.
reuters.comNov 19, 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.
