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Global Ripples: Fed’s Monetary Moves and their Impact on Emerging Economies
As of October 15, 2024, the ringgit has strengthened by approximately 8 per cent against the US dollar (figure C1). This trend followed the Fed’s earlier signal and its subsequent decision to lower its key overnight borrowing rate by 50 basis points (bps) to a range of 4.75 per cent to 5 per cent, marking the start of a rate-cut cycle with wide-reaching effects across various EM currencies.
The impact of this policy shift is not confined to Malaysia. Figure 1 shows that the currencies of several other emerging economies have also appreciated significantly, nearly recovering to levels last seen before the Fed’s rate hike cycle began in January 2022 (figure C2). Examples include the South African rand, Moroccan dirham, South Korean won, New Taiwan dollar, Czech koruna, Pakistani rupee and Polish zloty.
The impact of this policy shift is not confined to Malaysia. Figure 1 shows that the currencies of several other emerging economies have also appreciated significantly, nearly recovering to levels last seen before the Fed’s rate hike cycle began in January 2022 (figure C2). Examples include the South African rand, Moroccan dirham, South Korean won, New Taiwan dollar, Czech koruna, Pakistani rupee and Polish zloty.
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