Abdul Rasheed Ghaffour: Defining moments - shaping the future story
The desk anticipates a bullish outlook for the Malaysian Ringgit (MYR) as Governor Abdul Rasheed Ghaffour emphasizes the importance of defining moments in shaping future monetary policy. Per the full note source, Ghaffour's speech at MO·MENTS 2026 highlighted the central bank's commitment to fostering economic resilience and stability, which is likely to support the MYR in the near term. The desk notes that the central bank's proactive stance could lead to increased foreign investments, bolstering the currency. With current positioning favoring the MYR, the consensus target reflects a range that supports this outlook.
What the desk is arguing
The desk believes that the Malaysian Ringgit is poised for appreciation, driven by the Central Bank of Malaysia's proactive monetary policy as articulated by Governor Ghaffour. His remarks underscore a commitment to economic stability, which could attract foreign capital inflows and strengthen the MYR against major currencies.
Supporting this view, the central bank's recent measures to enhance liquidity and support growth are expected to yield positive outcomes. The speech also hinted at potential adjustments in policy that could further reinforce the MYR's position, aligning with the desk's bullish sentiment.
Where it sits in our coverage
Our consensus target for the MYR is 1.075, with a range from 1.04 to 1.12. Notable firm targets include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)
This view aligns with jpmorgan, which shares a similar bullish outlook, while bofa presents a more cautious stance at the lower end of the range. The desk's call is positioned at the upper bound, indicating confidence in the MYR's potential strength.
How other firms see it
Firms like jpmorgan and citi are aligned with the desk's bullish perspective on the MYR, suggesting a consensus on the currency's potential appreciation. Conversely, bofa and hsbc express skepticism, advocating for a more cautious approach given the current economic uncertainties.
Key indicators to monitor include the USD/MYR exchange rate and the Bank Negara Malaysia's upcoming policy decisions, which could significantly influence market sentiment and currency movements.
What the calendar says
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Sources & References
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