Malaysia liberalisation sparks ringgit rise
The unit reached 3.1288 versus the greenback, levels not seen since 1997, as the announcement sparked a brief rally. Bank Negara Malaysia said on August 18 that the relaxation, which bridges the gap between onshore and offshore foreign exchange markets, will boost efficiency in international trade. The liberalisation will provide a “conducive business environment in Malaysia so as to strengthen the linkages with the regional and global economies”, the central bank said.
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