Ringgit strengthens in Q4 on domestic political certainty
Bank Negara Malaysia says the ringgit ended the fourth quarter of 2022 stronger by 5.3% against the US dollar. – The Malaysian Insight file pic, February 10, 2023.
In a statement today, the central bank said the local note’s performance was also in line with other regional currencies, as market expectations for smaller interest rate increases by the Federal Reserve amid indications of slowing inflation in the US eased interest in the greenback. Bank Negara said the ringgit also strengthened against several major trading partners, with the nominal effective exchange rate appreciating by 0.4% during the quarter.
On financing conditions, the central bank said credit to the private non-financial sector stood at 4.7% in Q4 2022 against 5.3% in Q3 2022, amid the lower outstanding loan growth of 4.7% during the quarter under review versus 5.7% in Q3 2022.
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