Negara Hits Ringgit Speculators As Malaysia Currency Loses Appeal
BANKS
In a classic case of poacher turned gamekeeper, Malaysia's Bank Negara has turned the tables on speculators in the ringgit with a knuckle-rapping package of regulatory measures and possibly more surprises to come, sources say.
Starting on December 23, Bank Negara first drove the ringgit down by buying in large quantities of U.S. dollars to revalue its reserves.
The central bank then rewrote Malaysia's banking rules, penalising local banks for holding foreign funds unrelated to trade and raising
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