Approaching a 12-year high; ringgit outlook hinges on ceasefire durability
Bank Negara Malaysia (BNM) international reserves increased by USD3.1b (+2.4% MoM) to USD129.7b as of 30 April 2026, the highest since August 2014
- Import cover improved slightly to 4.7 months (Mar: 4.6), while the reserves-to-short-term external debt ratio remained steady at 0.9 time.
Higher FX holdings drove reserve accumulation
- Foreign currency reserves climbed USD3.0b (+2.7% MoM) to USD113.8b, supported by net capital inflows. However, net FX reserves declined to a three-month low of USD77.7b in March (Feb: USD81.1b) as short FX positions widened to USD23.2b (Feb: USD21.2b), potentially reflecting BNM intervention to smooth MYR volatility.
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