Bank Negara further eases forex rules

KUALA LUMPUR: Bank Negara announced yesterday further liberalisation of its foreign exchange administration rules to help local exporters cut the cost of doing business involving foreign currency settlement.

"With immediate effect, resident companies with export earnings are allowed to pay another resident company in foreign currency for settlement of purchases of goods and services,'' the central bank said in a statement.

The move will give exporters greater control and flexibility in managing their foreign currency cash flow and more effectively settle their domestic and overseas transactions.

Governor Tan Sri Dr Zeti Akhtar Aziz told a press conference that the objective was to enhance local companies' competitiveness, by allowing them to settle their transactions effectively.

Asked on the possibility of the ringgit being traded offshore again, she said: "At this point of time, we do not see it on the horizon yet.''

The ringgit was banned from being traded offshore in 1998 and was pegged to the US dollar, as part of the currency control introduced to put off currency speculators.

"Most certainly we will not make that move (to allow the ringgit to be traded offshore) during a period of high degree of uncertainty and turbulence in the international financial markets,'' Zeti said.

She added that the focus now was on developing a vibrant and well-developed foreign exchange market in Malaysia.

URL: http://biz.thestar.com.my/news/story.asp?f...50&sec=business

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Ringgit at 10-year high against US dollar
PETALING JAYA: The ringgit advanced to its highest level against the US dollar in more than a decade yesterday following increased demand for the local currency and in line with the bullish market sentiment. 

It extended its two-week gain against the greenback amid expectations that the Federal Reserve would cut interest rates in the US to curb a slowdown in the world's largest economy. 

As at 5pm yesterday, the ringgit was quoted at 3.2800/2840 compared with Thursday's 3.2885/2915, Bernama reported. 

It rose earlier in the day to 3.281 - its strongest level since November 1997. 

Earlier in the week, data indicating a slowdown in US manufacturing helped fuel speculation that the Fed would cut rates to help spur economic growth. 

The steady gains of the ringgit also follow a rally in China's yuan which sparked conjecture that Asian central banks would allow their currencies to continue appreciating, Bloomberg said.

The wire agency noted that the ringgit and yuan had posted annual gains each year since they were de-pegged from the US dollar in 2005.

Bloomberg quoted OSK head of treasury Yeo Chin Tiong as saying that the yuan would have to appreciate because there was a big cost to "sterilising liquidity" there.

"Other regional currencies may have to follow to avoid any speculative attack," he said. 

On a micro level, the ringgit's appreciation could be attributed to Malaysia's "uniqueness" in terms of commodity play, OSK Investment Bank economist Sia Ket Ee said.

"Malaysia offers good commodity exposure for portfolio managers who control largely the country's capital inflows," Sia said. 

Yeo told Bloomberg: "As the US economy gets bashed, Asia will be the growth story for 2008." 

He expects the ringgit to be firmer in line with capital flows into the region. 

Sia, meanwhile, cited three factors which would ensure fundamental support for the currency, moving forward - the country' stable trade surplus, continued inflow of foreign direct investment and Malaysia's "still favourable" growth story.

OSK expects the ringgit to hit 3.15 against the dollar by year-end. 

At 5pm yesterday, the ringgit was 2.2868/2914 against the Singapore dollar compared with Thursday's closing of 2.2918/2952.

It was also higher against the yen at 2.9987/3.0038 from 3.0026/0065 on Thursday and strengthened against the British pound at 6.4642/4731 from 6.5010/5083 the day before.

The ringgit also appreciated against the euro, at 4.8299/8361 from 4.8311/8382 on Thursday.

URL: http://biz.thestar.com.my/news/story.asp?f...28&sec=business