Malaysia’s Rasheed expects a “bumpy road” for EM currencies

Governor says BNM will intervene if needed ahead of future Fed cut; rules out capital controls

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Bank Negara Malaysia

Emerging market currencies look set to experience more bouts of currency volatility and weakness against the US dollar in the coming weeks, according to Bank Negara Malaysia’s (BNM) governor Abdul Rasheed Ghaffour.

Rasheed said that until the Federal Reserve System determines conditions are appropriate for it to ease the US policy rate, emerging market currencies “can expect a bumpy road”.

“The weakness of the ringgit is mainly a story of US dollar strength,” Rasheed told Central Banking in a

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