Keeping a steady ringgit
Over the past week, Bank Negara Governor Zeti and Second Finance Minister Mohamed had reaffirmed their support of the Malaysian ringgit (MYR) peg. In the context of a more hawkish FOMC statement and rising core US inflation, this has led to a limited sell-off in MYR bonds. Paradoxically, this sell-off increases the likelihood of a change in the peg.
First, the case for more long-term exchange rate flexibility remains intact: at this stage in its political and economic cycle, Malaysia needs
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