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Governor Expects Ringgit Recovery, Says Current Level Of OPR Is Slightly Accommodative

BNM

Bloomberg is running comments from Bank Negara Malaysia Governor Abdul Rasheed Ghaffour, who says that the ringgit is expected to recover along with other EM currencies once central banks in developed economies end their hiking cycles.

  • The Governor notes that "the interest rate at 3.00% is slightly accommodative and it is appropriate for teh economy at this point of time". The Overnight Policy Rate has been at 3.00% since July. The rate path will be determined chiefly by local factors in the coming quarters, such as the outlook for inflation and growth.
  • Spot USD/MYR trades at 4.6845, up 220 pips on the session, with bulls eyeing Nov 10 high of 4.7260 for initial resistance.
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