Malaysia sets daily rate against the dollar
Malaysia will adopt a daily rate for the ringgit against the US dollar in an attempt to promote domestic financial markets in line with global best practices.
Bank Negara Malaysia (BNM) announced on June 16 that it and the Financial Markets Association of Malaysia (FMA) will set a daily rate against the dollar based on market transaction data. The new rate will be published daily at 3.30pm and is calculated in reference to the amount of interbank dollar/ringgit FX spot rate transactions by domestic financial institutions between 8am and 3pm. The onshore ringgit market will also be extended to 6pm from 5pm as of July 18.
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