Central Banking

Bank Negara governor defends efforts to curb NDF market

Malaysian central bank will continue its actions to improve market mechanism

BNM governor Muhammad Ibrahim (right) shares a joke with Central Banking’s editor-in-chief, Christopher Jeffery
BNM governor Muhammad Ibrahim (right) shares a joke with Central Banking editor-in-chief Christopher Jeffery
CIMB Group Holdings

The divergence of the Malaysian ringgit in onshore and offshore forward markets late last year was a result of a market mechanism failure, the governor of Bank Negara Malaysia (BNM) has said.

Speaking during a dinner event at the Risk Asean conference in Kuala Lumpur on May 24, Muhammad bin Ibrahim defended the central bank’s subsequent efforts to curb the offshore non-deliverable forward (NDF) market.

After Donald Trump’s victory in the US presidential election late last year, the ringgit

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