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Asia’s worst currency slump puts BNM on guard
Bank Negara’s attempt to stop foreign banks from using offshore forwards to bet against the currency exacerbated the decline, as it evoked fears of capital controls imposed during the Asian financial crisis in 1998.
Asia’s worst-performing currency slump since Donald Trump’s surprise US election victory is putting a Malaysian interest-rate cut out of sight for now.
After surprising the market with a reduction in July, economists surveyed by Bloomberg in the days leading up to the US vote had forecast another cut this year. Trump’s win and the ensuing US dollar rally have swept those bets away, with all 19 economists polled in a fresh survey predicting Bank Negara Malaysia (BNM) will hold the overnight policy rate at 3 per cent on Wednesday.
The ringgit has fallen more than 5 per cent since the Nov. 8 US elections, as emerging Asian economies suffered about $11 billion of outflows. Bank Negara’s attempt to stop foreign banks from using offshore forwards to bet against the currency exacerbated the decline, as it evoked fears of capital controls imposed during the Asian financial crisis in 1998.
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