Posted 3/10/2024, 9:01:00 PM
Malaysia's Ringgit Hits 26-Year Low Against US Dollar, Prompting Government Response
- The Malaysian ringgit has fallen to its lowest level against the US dollar since the 1997 Asian financial crisis
- The ringgit hit a 26-year low against the dollar on Feb. 20
- Prime Minister Anwar Ibrahim called the ringgit's decline "concerning" but said it is "under control"
- Malaysia's Finance Ministry said the central bank is prepared to defend the ringgit by selling some of its dollar reserves
- The currency's decline has put Malaysia's central bank and government on alert
