Bank Negara needs ‘hand holding’ strategy for ringgit

AMIDST the flurry of activities that have emerged following the falling value of the ringgit, what appears to be clear is Bank Negara taking concrete steps to develop the foreign exchange (forex) futures market within the country.

This is an integral part of the central bank’s objective to diminish the influence of the offshore trading of the ringgit in a platform known as the non-deliverable forward (NDF) market.