Ringgit volatility prompts intervention by Malaysian central bank
Kuala Lumpur
MALAYSIA'S central bank is taking steps to ensure that the markets do not price the ringgit excessively and put it out of sync, while providing the necessary liquidity in the foreign-exchange market.
This assurance came as the Malaysian currency sank to its lowest in more than 12 years in offshore markets on Friday; however, it held firm onshore after Bank Negara Malaysia (BNM) used moral suasion to ensure that local banks' quoted spot rates were within limits.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Microsoft bets big on South-east Asia, pledges billions in AI and cloud investments
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up