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BT EXPLAINS

What’s next for the ringgit?

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Sharon See

Sharon See

Published Fri, Feb 23, 2024 · 03:32 PM
    • The ringgit is expected to start recovering once the US Fed starts to cut rates.
    • The ringgit is expected to start recovering once the US Fed starts to cut rates. PHOTO; BT FILE

    THE Malaysian ringgit has slumped against the US dollar to a level not seen since the Asian financial crisis – a quarter of a century ago. Against the Sing dollar, it has also hit fresh lows repeatedly over the past year.

    As the beleaguered currency headed dangerously close to its all-time low of 4.885 against the US dollar in January 1998, Bank Negara Malaysia (BNM) governor Abdul Rasheed Ghaffour issued a statement blaming “external factors”.

    “The current level of the ringgit does not reflect the positive prospects of the Malaysian economy going forward,” he said.

    RinggitAsean BusinessMalaysiaBank Negara MalaysiaBT Explains

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