KUALA LUMPUR, March 29 ― The ringgit experienced a period of sustained depreciation against the US dollar in 2022 amid the US Federal Reserve raising its policy interest rate...
KUALA LUMPUR, March 29 ― The ringgit experienced a period of sustained depreciation against the US dollar in 2022 amid the US Federal Reserve raising its policy interest rate aggressively by 425 basis points to address inflation, said Bank Negara Malaysia .
“While small movements in the ringgit exchange rate are common, large fluctuations in the level can create lasting impact for businesses, households, and the economy. This was because the currencies of key trading partners were similarly affected as the ringgit, and Malaysia’s relative competitiveness remained unchanged at a negative 5.4 per cent in 2022.
Given Malaysia’s flexible exchange rate regime, fluctuations in the ringgit should be expected to occur from time to time, said BNM, adding that since reaching a peak of RM4.7477 on November 4, 2022, the ringgit did rebound to reach RM4.2435 on Jan 30, 2023.
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