Newly appointed Finance Minister II Datuk Seri Amir Hamzah Azizan has confidently stated that the beaten down ringgit will stabilise and end up at 4.50 by year end.
A highly contentious topic that his loomed over the Anwar Government since he took over in 2022, the local currency has gone from bad to worse closing at 4.76 and at one point was at a 26 year low.
The Finance Minister said the government is working with the Ministry of Finance and the Central Bank, as well as Government Linked Investment Companies to help increase foreingn inflow into the foreign exchange market in effort ot shore up the ringgit’s value.
Hamzah also said Bank Negara is ready to intervene inn the foreign exchange market to curb currency movements that are deemed excessive. An example will be to sell US dollars from the reserves to curs excessive weakness in the ringgit. He also noted that there is no need to peg the ringgit as what the government had to do back in 1997 during the Asian Financial Crisis
