Markets Welcome Singapore Action On Malaysian Ringgit Settlement

METHODS & REGULATIONS

SINGAPORE--Swift action taken earlier this month by the Singapore Foreign Exchange Market Committee averted settlement chaos in the Malaysian ringgit market, according to market participants. However, customer relationships were damaged by the decision to fix the US dollar/ ringgit settlement rate, say these participants. Moreover, there is still a good deal of trepidation over the long-term impact of the capital and exchange controls, which were hastily imposed by the Malaysian government o