Malaysia's removal from US currency watch list affirms ringgit's market-driven status -Bank Negara Governor

KUALA LUMPUR: Bank Negara Malaysia welcomed Malaysia’s removal from a US currency manipulation watch list, affirming the ringgit’s market-driven status.

The US Treasury Department’s semi-annual report released Thursday, Nov 14, monitors countries with large trade surpluses with respect to the US that also actively intervene in foreign exchange markets to gain a competitive advantage.The governor also highlighted that, more importantly, the ringgit’s movement should reflect the fundamentals of the nation’s economy.

"The ringgit’s performance in the third quarter was mainly driven by the US Federal Reserve’s shift towards a monetary policy easing stance, including the cumulative 75-basis points federal funds rate cut in September and November.

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