The ringgit fell to a historic low of RM4.7465 against the US dollar on Nov 4, 2022, almost at the Jan 7, 1998 level of 4.8850.
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.
However, BNM noted that despite the ringgit’s sharp depreciation against the US dollar, Malaysia’s nominal effective exchange rate was relatively stable. "The domestic economy remained on its recovery path, registering a growth rate of 8.7 per cent for the year,” it added.
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