Is a 1986 hit for the Crowded House. Bank Negara Malaysia should NOT Dreàm it's over, with regards it's move to curtail Ringgit trades on the offshore market.
First of all, to ask foreign banks not hedge on the Ringgit offshore market, without creating a vibrant alternative is a disaster waiting to happen.
The central bank must surely be aware A 2013 study of nine NDF markets by the Bank for International Settlements found that the offshore and onshore markets both influenced each other, except in Malaysia, where onshore followed offshore.
The ringgit is one of the most actively traded emerging market currencies in the NDF markets. About 60 percent of Ringgit trading is done offshore, where the average daily turnover is nearly US$13 billion.
In a nutshell, you cannot stop a monster like this with a mere letter, you need a game plan, or that letter is going to comeback and bite your ass off.
