JULY 3 -- Last week, the Financial Markets Committee (FMC) at Bank Negara Malaysia (BNM) made very clear that the current weakness in the ringgit against the US dollar does not...
JULY 3 -- Last week, the Financial Markets Committee at Bank Negara Malaysia made very clear that the current weakness in the ringgit against the US dollar does not reflect economic fundamentals. They are right.
They noted very clearly that there is a mismatch between financial market sentiment and underlying economic fundamentals. Interest rates have risen by much less than other countries are now in the normal range of around 3.0 per cent. Monetary policy still accommodates underlying growth. This is because they have different economic structures where the exchange rate has a much bigger influence through trade and financial flows.
So market speculators and those calling for a hike in the OPR to defend the ringgit must learn those lessons. This means that intervention is only justified if it affects the mandate of price stability, financial sector stability and sustainable growth.
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