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Malaysia says ringgit's drop will be cushioned by fundamentals

Bloomberg
Bloomberg4/24/2022 04:17 PM GMT+08  • 2 min read
Malaysia says ringgit's drop will be cushioned by fundamentals
“The flexibility of the ringgit will continue to benefit the Malaysian economy." Photo: Esmonde Yong of Unsplash
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Malaysia’s Finance Ministry said the depreciation of the ringgit will be cushioned by the country’s strong external position and robust fundamentals.

The ringgit market remains robust, with average daily onshore foreign exchange trading volume amounting to US$12.6 billion year-to-date, compared with US$11.3 billion in 2021, the ministry said in a statement on Saturday. Average volatility year-to-date stood at 3.9% versus 4.6% last year, it added.

“The flexibility of the ringgit will continue to benefit the Malaysian economy by facilitating appropriate external sector adjustments and cushioning the domestic economy from adverse global shocks,” the ministry said.

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