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).

BNM governor Tan Sri Nor Shamsiah Mohd Yunus on Wednesday (March 29) however noted that despite the ringgit’s sharp depreciation against the US dollar, Malaysia’s nominal effective exchange rate (NEER) was relatively stable.

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