To Hell is a 2011 single by hard rocker Hester Prynne.
Likewise, Bank Negara Malaysia's statement on the Ringgit and offshore trading of the currency, instead of calming the market, looks like, it is going to lead to more PANIC.
Bank Negara, should have just ACTED, without issuing the statement below. Reuters, have the lowdown on the Central Bank's statement. Read BELOW:
Malaysia's central bank said on Saturday that it was taking measures to re-enforce existing rules that are in place to prohibit facilitation of offshore trading of the ringgit.
The bank said Malaysia's currency remains a non internationalised currency, thus any offshore trading of ringgit such as ringgit non-deliverable forward (NDF), is not recognized.
It added Malaysia's FX market remains open and the bank stands ready to provide liquidity if necessary to ensure orderly market.
