Gov’t on right track on ringgit and economic framework

Prime minister Anwar Ibrahim today says the strengthening of the US dollar against the Ringgit was manageable given that Malaysia’s trade with China, Indonesia, and Thailand uses local currencies.

“Malaysia’s biggest trade is with China, which is 25% of our trade, using the ringgit and renminbi. Also, 18% of our trade is with Indonesia, using the ringgit and rupiah, while 20% is with Thailand using ringgit and baht. So, the dollar issue has no effect.

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“We are concerned that if the rin ggit falls, inflation will rise, growth will be stifled, and investments will not come. That is our concern. Currently, all economic figures and data indicate that we are on the right track,” he adds.

Ringgit and economic framework

He says last year saw the highest level of investment recorded in history, despite the fall in the value of the currency.

“Sometimes, people just want to attack us. If the world did not have confidence in us, investments would have slowed down. But investors have shown they have confidence in us,” he was quoted as saying.

“That is why we recorded the highest investment amount in Malaysia’s history (last year). Inflation and the unemployment rate decreased, and economic growth was maintained in a sluggish global economic environment.”

Anwar was speaking at the opening ceremony of the Restu Global Quranic Arts Festival 2024 at the Nasyrul Quran Complex here.

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