Malaysia Central Bank Chief Sees Ringgit Reprieve on Rates
- Ringgit is worst performer in emerging Asia this year, down 6%
- Governor says key rate accommodative, appropriate for economy
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The ringgit is expected to recover along with other emerging-market currencies once central banks in developed economies are done raising interest rates, according to Bank Negara Malaysia Governor Abdul Rasheed Ghaffour.
Even as the currency weakens this year, the current interest-rate level in Malaysia is sufficient to support the economy, he said in an interview with Bloomberg Television on Friday. The central bank has held its benchmark at 3% since July.