BNM MYR SGX saga rolls on

Bank Negara recently said that the supply of and demand for foreign currencies became more balanced after the implementation of its measures.

Mr Stephen Innes, the head of trading (Asia Pacific) at OANDA, noted that the measures Bank Negara took benefitted Malaysia because it stopped “all the waves of currency speculation”.

“Clearly the Malaysian central bank remains vigilant and on guard for any unwanted speculation on the ringgit. But certainly, investors would have expected that Bank Negara Malaysia would have been more receptive to reintroducing the Malaysian ringgit to global markets via a highly regulated exchange.”

He also noted that allowing international investors access to more freely tradable and open markets would have been great for the Malaysian capital market, citing that international investors can easily hedge their ringgit exposures.
Channel News Asia

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes