KUALA LUMPUR, March 27 — While remote at this juncture, the lesson from the past global financial crisis suggests that a full-blown banking crisis may lead to a shortage of the US dollar globally, impeding global trade and driving down commodity prices, including crude palm oil .
“Given the US dollar’s dominance in global trade, a shortage of the currency will likely be detrimental to imports and exports as seen in the 2007-08 global financial crisis, where non-United States banks abruptly found themselves short when US financial firms were unwilling to lend US dollars to their foreign counters.
In a research note today, the investment bank highlighted that in 2008, future CPO prices fell by as much as 68 per cent to RM1,390 per tonne in October from RM4,330 per tonne in March the same year due to the global financial crisis.
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