Here’s a closer look at the tools Southeast Asian policymakers have deployed so far.
While the region’s problems are middling compared to some neighbours in the south, countries face their biggest challenges in decades. The Philippine peso retraced an all-time low this week while the Malaysian ringgit drifted to the weakest in almost 25 years as a stronger dollar ups the risk of imported inflation.
The region’s authorities leaning onto a mix of tools “has served them well so far,” said Priyanka Kishore, an economist at Oxford Economics. “However, it’s becoming increasingly difficult for the central banks to maintain this balance.”Policy Tightening Even State Bank of Vietnam, the last to get off the block in Southeast Asia, hiked by 1 percentage point, following calls from Prime Minister Pham Minh Chinh for measures to support the currency. More increases may be in the cards in the region, with Thailand and Malaysia also set to review rates in November.Ample foreign exchange reserves built during the pandemic year are acting as buffers, with central banks dipping into their piles to stabilise their currencies.
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