Again, we heard the BNM Governor spoken yesterday on the suggestion from MIER of lifting the ban of Ringgit Malaysia offshore trading. In spite of the growing demand on Ringgit, the current market condition and unexpected financial turbulance are the main reasons of holding back BNM - though the Ringgit is making a good progress in moving north against the US Dollar. As at now, Ringgit has closed 3.3105 against USD. The Ringgit has made an impressive move of 4895 pips for almost 3 years since the pegged of 3.80 has been removed in 2005. An order to long Ringgit on mini lot of USD 1.00 would have given a USD 4895-00 of profits / standard lot of USD10.00 would bank in USD48,950-00.
I'm sure that most of our local forex traders are expecting the moment for the lifting of the ban in short time. Hopefully, the BNM would reconsider the suggestion and thus would allow more players coming into the market.
I'm sure that most of our local forex traders are expecting the moment for the lifting of the ban in short time. Hopefully, the BNM would reconsider the suggestion and thus would allow more players coming into the market.
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