Intra-trade in Ringgit: China, Thailand and Indonesia Agrees Now

China, Thailand and Indonesia agreed to use the ringgit currency in trade. The matter was confirmed by the Prime Minister, Datuk Seri Anwar Ibrahim.

Anwar, who is also the Minister of Finance, says the intra-trade in ringgit will not directly affect the impact of the local currency devaluation that is taking place. This depends on measures taken by the Bank Negara, instead.

“Several measures taken by Bank Negara, for example setting exports in ringgit value. This is what I discussed with China to set exports in ringgit value. Then I discussed with China and ASEAN in Jakarta to request that we use local values ​​to trade, China welcomed, Thailand also welcomed,” he says during the Minister’s Question Time (MQT) in the Dewan Rakyat.

Intra-trade in Ringgit

Anwar says it estimated that 28 percent of Malaysia’s major investment deals with the relevant countries use the ringgit value. He explained that the position of the local economy will help strengthen the value of the ringgit currency.

The PM is also optimistic that the value of the ringgit will improve at the end of this year.

“Yesterday my meeting with the Governor of Bank Negara he considered the end of this year towards a more convincing development based on the new figures and data we received and we hope that with the explanation of the policy and the economy and the transition that gets new traction can help attract investment and strengthen the position ringgit,” he adds.

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