Ringgit’s Fall to 26-Year Low Sparks Central Bank Verbal Reply
- Currency doesn’t reflect the economy’s positive prospects: BNM
- Malaysia doesn’t need to peg the ringgit again, minister says
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The ringgit extended declines to its lowest level since the Asian financial crisis, prompting Malaysia’s central bank to say it doesn’t reflect the improving outlook for the economy.
The local currency briefly slipped past 4.8 against the dollar on Tuesday, its weakest level since reaching an all-time low of 4.8850 in 1998. The ringgit has slid by over 4% so far in 2024 as China’s sluggish economy hurts exports from Malaysia, adding to the currency’s losses from the previous three years.