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Author: Tan KW   |   Latest post: Thu, 23 May 2019, 12:39 AM

 

Ringgit turning Japanese is a good thing

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SINGAPORE: Malaysia will soon proceed with the country’s first Samurai bond sale in three decades, and it could lift the ringgit in a similar way to the boost the rupiah got after Indonesia's recent $3 billion bond issuance.
 
Apart from the benefit of the fund raising itself, Malaysia will also be showing debt investors that the threat of a sovereign credit downgrade -- which emerged after last year's surprise election -- has receded.
 
The country's finances are also on a more stable footing as it will not need to re-calibrate its budget if crude prices remain within the $50-$70 per barrel range, said Finance Minister Lim Guan Eng. 
 
The nation has collected more than expected from the Sales and Services Tax over the past 2 months.
 
Given the central bank is likely to be on hold for several months, the MYR swap curve can continue flattening and will help support the ringgit. - Bloomberg 
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