Way before the crisis in 1997, the Ringgit was trading at a high of 2.42 to the greenback. But the common factor that roiled financial markets was again “speculators” – especially those who took high risks in trading and often preyed on the downside and weakness. It is believed that even some money changers quoted the unofficial offshore rates for their transactions. It is not transparent but has destablising effects on the onshore market, a sentiment, BNM shares with its regional peers. He stressed that although the NDF or offshore market cannot be controlled, BNM has all the muscle it needs to contain any spillover effect on the onshore market.

Source: New Strait Times November 20, 2016 06:50 UTC