Is a 2007 moster hit for Rihanna. If on Monday, We had WARNED Bank Negara, Don't Dream Its Over with regards to the NDF trades, TODAY, the Singapore Business Times is sounding a different warning.
Before that, a little bit of news, the Ringgit now is trading at LEVELS UNSEEN against the Singapore Dollar. One Sing Dollar Now fetches RM3.14 .
The Singapore Business Times, says that this is because of the NDF trades, and is urging Bank Negara Malaysia : Don't Stop The Music.
Read Below :
BANK Negara Malaysia's (BNM) intervention in the currency market may have partially checked the ringgit's fall against the US dollar, but it has not halted the beleaguered unit's headlong plunge against other major and regional currencies including the Singapore dollar.
Market economist Suresh Ramanathan suggested "drastic policy moves" are required at this point including the liberalisation of the capital account.
"Allow the currency to be convertible on the capital account. Let the ringgit be traded offshore," he said. "As much as you tell everyone the ringgit is stabilising against the USD, it is weakening against other currencies - and to record levels as well for some."
The local unit crumbled to about 3.1340 to the SGD on Wednesday - a level previously unseen - and was also rapidly declining against other currencies although it continued to hover at around 4.460 to the greenback.
