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Malaysia Wants Foreign Banks to Commit to Stop Offshore Ringgit Trading
Foreign banks have been asked to commit to Malaysia’s central bank to stop trading the ringgit in offshore non deliverable forwards market to protect the declining currency.
Foreign banks have been sent a form letter to sign, which asks them for an “unconditional representation and commitment” to stop trading in any offshore Malaysian ringgit non-deliverable forwards or offshore derivatives.
News Source: Reuters
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