Ringgit depreciation driven by global phenomena, not failure of Bank Negara, says MOF

THE depreciation of the ringgit is driven by global phenomena and market influences, the Finance Ministry (MOF) said.

In a written answer published on the Parliament’s website, the ministry said the depreciation of the ringgit to RM4.74 against the US dollar in September 2022 was not due to the weakness in the country’s economic fundamentals or the failure of measures taken by the government through Bank Negara Malaysia (BNM).