26-5-2023 (Kuala Lumpur) The central bank of Malaysia, Bank Negara Malaysia, affirmed on Friday that the recent depreciation of the ringgit was primarily driven by external factors such as the impasse over the U.S. debt ceiling. The bank emphasized that the weakening of the currency was not a result of domestic factors.
Additionally, Bank Negara Malaysia maintained its growth forecast for the country in 2023, projecting a range of 4 per cent to 5 per cent.
The ringgit, which has experienced a 4.3 per cent decline since the beginning of the year, reached its lowest level against the U.S. dollar since November last year. However, it managed to recover its losses and ended the day 0.6 per cent higher against the dollar on Friday.
