Ringgit Depreciates Just As PM Assures Efforts To Address Decline

The ringgit depreciated further today against the dollar, closing at 4.7750 compared to Thursday’s 4.770, however the local currency did improve against the Singapore dollar after hitting an all time low this week.

The US Fed remains the major factor influencing the Ringgit, following the higher treasury yield noted economists. With rising concerns over the poor performance, the Prime Minister has assured that the government is not ignoring or taking the decline of the ringgit lightly and that it is making continuous efforts to address the issue while simultaneously assuring Malaysia’s investment figures are still intact.

He said the central bank has been assigned to monitor the ringgit closely. On the government side, the relevant ministries and authorities, including the investment council, are conducting daily meetings to focus on tackling the issue.

“It is concerning. We are looking ahead. But looking at the overall investment, which is the biggest ever in the country; inflation continues to go down and growth (is) sustained compared to our neighbours.

“So, I think (we should) look comprehensively and at the capacity of the country to grow. What is most important to me is the reassuring investment figures. 

“They (critics) always compare with 1998 but during that time, ringgit was down, inflation (was) up, unemployment up and (there were) no investments,” he said.

Analysts continue to play up the country’s sound economic footing with higher GDP forecasted for 2024.

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