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Malaysia Wants Foreign Banks to Commit to Stop Offshore Ringgit Trading

Malaysia Wants Foreign Banks to Commit to Stop Offshore Ringgit Trading

Foreign banks have been asked to commit to Malaysia’s central bank to stop trading the ringgit in offshore non deliverable forwards market to protect the declining currency. Foreign banks have been sent a form letter to sign, which asks them for an “unconditional representation and commitment” to stop trading in any offshore Malaysian ringgit non-deliverable forwards or offshore derivatives.

“Foreign banks have been asked to commit to Malaysia’s central bank to stop trading the ringgit in offshore non deliverable forwards market to protect the declining currency”

~Reuters

The letters also asked financial institutions to provide a detailed plan to the central bank when they  need to make the transactions onshore and to ask for assistance rom Malaysian financial institutions for transaction needs.

Related Reports: Reuters, Wall Street Journal

 

About Bank Negara Malaysia

Bank Negara Malaysia (the Central Bank of Malaysia), is a statutory body which started operations on 26 January 1959. Bank Negara Malaysia is governed by the Central Bank of Malaysia Act 2009. The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.

Visit: Bank Negara Malaysia

 


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