Bank Negara Malaysia (BNM) reported a 2.7% appreciation of the ringgit against the US dollar in 2024, making it one of Asia’s stronger currencies. The ringgit also gained against the Singapore dollar, Korean won, and Japanese yen, with a 7.5% increase in the nominal effective exchange rate (NEER). However, it weakened in the fourth quarter due to a stronger US dollar and global uncertainties. BNM remains optimistic, citing Malaysia’s stable macroeconomic outlook and structural reforms. Additionally, business loans and corporate bonds saw growth, particularly in manufacturing and construction, while household loans expanded at a slightly moderated pace.
Ringgit strengthens
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