Ringgit stablises against the US Dollar because of Central Bank intervention

The recent steady climb of the greenback against the Malaysian Ringgit since the beginning of August 2008 has got Bank Negara (BNM) worried, resulting in the central bank selling its US dollar reserves keeping the USD capped at 3.46 against the Ringgit at the moment. BNM is not the only central bank selling the USD to keep domestic currency stable- as other central banks in Asia have done the same with the similar intention. Forbes report here.

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