Malaysia’s 2017 world share of oil production was 0.8 per cent, the same level as its oil consumption, which was supplemented by imports. For instance, firstly, the MPC noted “possible threats to accretion to the external reserves due to softening crude oil prices”. Now, the normalised naira currency exchange rate should float in a single forex market within a stability band centered on the Appropriation Act exchange rate. Accordingly, no part of the country’s forex receipts should be held indefinitely in individual or corporate forex domiciliary accounts. And so, given the normalised national currency, there would be macroeconomic stability, low 0-3 per cent range inflation, internationally competitive lending rates and stable naira exchange rate.

Source: The Guardian February 20, 2019 03:45 UTC