This is while they are concerned about a foreign policy pivot following US President-elect Joe Biden’s inauguration this week.
The ringgit also fell when the country reimposed the Movement Control Order last Monday. The local note depreciated by 0.2 per cent last week, falling further to RM4.037 per US dollar as the government imposed the MCO 2.0 in selected states and federal territories. Apart from the growth concerns, the ringgit depreciated, tracking the decline in Brent crude oil prices, which fell by 1.6 per cent to US$55.10 per barrel from the US$55.99 per barrel last week.
He said the central bank is expected to make another interest rate cut in response to the potential impact on the economy of the recent announcement of the state of emergency and MCO re-implementation.
Malaysia Latest News, Malaysia Headlines
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