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BNM to halt scheme of higher deposit rates for exporters

Mimi Sabreena 4:04:00 PM Informasi

KUALA LUMPUR (Dec 15): Malaysia's central bank said it will discontinue a special deposit facility for exporters from next year, rolling back a measure that it had introduced last year to stem the currency's slide against the U.S. dollar.

Last December, Bank Negara Malaysia clamped down on offshore ringgit trade and announced measures to boost liquidity and encourage more domestic trade of the ringgit as the currency fell to 13-month lows in the aftermath of Donald Trump's U.S. presidential election win.

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