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Bank Negara Governor Hits Out at NDF Market, MYR at Year’s Low
The Malaysian Ringgit is approaching its lowest trading level against the US dollar since the Asian crisis in 1998 when the country was prompted to introduce capital controls. In an attempt to stem the outflow of MYR, the country’s central bank, Bank Negara, last week issued a warning regarding offshore NDF trading – a move widely seen as a reintroduction of capital controls – by sending letters to compliance heads at onshore and offshore banks demanding they commit to ceasing offshore trade of MYR NDFs.

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