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Ringgit May Gain Most in S-E Asia If Exporters Convert Foreign Deposits
The Straits Times
|May 23, 2025
Perception of the greenback souring due to concern over US policymaking and outlook
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Malaysia's ringgit stands to gain the most among its South-east Asian peers if the nation's exporters convert their overseas earnings to the local currency, thanks to the country's outsized foreign currency deposits.
Such deposits in Malaysia, Thailand, the Philippines and Indonesia combined have jumped to US$62.2 billion (S$80.3 billion) as at March, close to a record high set in the previous month, according to Bloomberg calculations. Malaysia made up almost all of that amount, and the nation's foreign deposit growth also outpaced most of its peers.
Foreign deposits in the region are coming under greater focus as investors watch for signs of companies converting them to local currencies, as market perception of the US dollar sours due to concern over US policymaking and its economic outlook. Heavy foreign-exchange sales by Taiwanese exporters earlier in May helped the local dollar post its biggest single-day jump since 1988.
This story is from the May 23, 2025 edition of The Straits Times.
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