KUALA LUMPUR: The ringgit experienced a period of sustained depreciation against the US dollar in 2022 amid the US Federal Reserve raising its policy interest rate aggressively by 425 basis points to address inflation, said Bank Negara Malaysia (BNM).
In its Annual Report 2022 released today, the central bank said the ringgit hovered close to levels last experienced during the 1997 Asian Financial Crisis, and there were even calls for the ringgit to be pegged to prevent it from falling further.
