EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Tuesday, January 31, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Malaysian ringgit will remain “market determined” despite performance against greenback

by moneycompass
September 23, 2022
in Local Market News
malaysian ringgit, bank negara malaysia (bnm)
Share on FacebookShare on WhatsApp

KUALA LUMPUR – The Malaysian ringgit will continue to be “market determined” and be closely monitored by Bank Negara Malaysia (BNM), the central bank reiterated.

According to a recent statement, BNM stated that it will continue to closely monitor and maintain orderly financial market conditions despite external developments that have led to the continued strength of the U.S. dollar relative to nearly all currencies, which includes the Malaysian ringgit.

The statement said that the “ringgit’s movements will continue to be market determined and the foreign exchange market will continue to function and intermediate effectively”.

As of Sept 23, BNM reports that the daily onshore forex transaction volume has increased to an average of US$13.3 billion from the previously recorded US$11.3 billion last year, due to the two-way flows.

Furthermore, the central bank added that the bond market remains healthy, due to the support of institutional investors and financial institutions.

Due to the recent announcement of the US Federal Reserve further tightening its monetary policy in its country, the greenback had strengthened significantly against numerous other currencies.

To date (Sept 23), the Malaysian ringgit declined to 4.5670/5710 against the US dollar, compared to the 4.5660/5695 that was marked during the close on Sept 22.

Tan Sri Nor Shamsiah Mohd Yunus, BNM’s governor, had remarked that Malaysia is still an open economy and instead of resorting to capital controls or re-pegging, the policy must now be prioritised in order to sustain economic growth in an environment of price stability to ensure the fundamentals of the domestic economy are bolstered through structural reforms.

“This will create a more enduring support for the Malaysian ringgit,” she said.

Additionally, the central bank stated that tighter global financial conditions and greater volatility in foreign exchange markets were not anticipated to impede Malaysia’s economic expansion.

The country’s economy had an 8.9% growth in the second quarter of 2022 which will continue through improved labour market conditions and increased tourism activity. Furthermore, the nation’s exports were also supported by the diverse products and markets, the statement added.

“The domestic financial sector is adequately capitalised and has ample liquidity, and financial intermediation continues to support the economy,” BNM stated.

The statement further added that its market operations will provide adequate liquidity and the orderly operation of the financial markets.

 

Join our Telegram group for the latest updates!

 

Read more: The Fed raises interest rates for third consecutive time this year

Tags: Bank Negara Malaysia (BNM)Ringgit
ShareSendShareSendTweetShare
Previous Post

International Lithium battery manufacturer EVE Energy Storage Co., Ltd debuted at SPI

Next Post

XDI unveils world’s first climate change asset risk analysis of the expanding reach of hurricanes on high vulnerability buildings

Related Posts

Corporate News

JCorp Officially Launches JLand Group (JLG) to Capture Opportunities in New Economy Real Estate

18 Jan 2023
Local Market News

PETRONAS allocates RM322 million contract to Muhibbah

08 Dec 2022
MDEC
Local Market News

MDEC: Malaysia is a popular investment location for Chinese investors

08 Dec 2022

Discussion about this post

MOST POPULAR

  • The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.

    Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • How to Start Trading on the Malaysian Stock Market

    5 shares
    Share 5 Tweet 0
  • FORTUNE RELEASES ANNUAL FORTUNE GLOBAL 500 LIST

    0 shares
    Share 0 Tweet 0
  • Panasonic Corporation Emphasises Holistic Well-Being in Its Products; Announces New Brand Action Tagline “Create Today. Enrich Tomorrow.”

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER