Offshore ringgit trade is against Malaysia's policy

KUALA LUMPUR (Aug 10): Malaysia's central bank said on Wednesday the introduction of ringgit futures on the Singapore Stock Exchange and the Intercontinental Exchange, and their offshore trading is inconsistent with Malaysia's policies.

In November last year, Bank Negara Malaysia (BNM) forced currency traders overseas to stop driving the ringgit lower and demanded that banks sign a commitment to cease trading the ringgit on the offshore non-deliverable forward (NDF) market.

The bank later added that the "disruptive influence" on the ringgit from the NDF market has subsided, and has introduced several measures to boost onshore ringgit trade.

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