Experts agree with Bank Negara’s decision not to peg ringgit

Raevathi Supramaniam

Economists say given that most of Malaysia’s imports are no longer coming from the United States, pegging the ringgit will not amount to anything. – The Malaysian Insight file pic, September 24, 2022.

ECONOMISTS have agreed with Bank Negara Malaysia’s decision not to peg the ringgit against the US dollar, despite the local currency is trading at a 24-year low against the greenback.

The US Federal Reserve’s move to raise interest rates saw the ringgit slide by 9% this year, in line with other emerging market currencies, meaning it is not an isolated case, economists said.

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