The recent performance of the Malaysian Ringgit has gotten better, to some they may think it’s only with the US Dollar. A number of social media users are praising the current Madani government for the economic stability we are witnessing now.
According to reports, the Ringgit has surged to a 28-month high against the US dollar after the US Federal Reserve cut interest rates by 50 basis points. Dr. Mohd Afzanizam Abdul Rashid of Bank Muamalat Malaysia noted that the Fed’s move reduced market uncertainties and supported a soft landing for the US economy.
He expects further rate cuts. Bank Negara Malaysia is likely to maintain its Overnight Policy Rate at 3.00% for the year. The Ringgit also strengthened against major and ASEAN currencies, like the Singaporean Dollar.
Ringgit’s solid performance
X page The Futurizts is also sharing their optimism towards our currency rising. They add that the Ringgit even outperformed speculations citing that it will reach RM4.20 by the end of the year. But, it has exceeded expectations and has done so in late September.
Just this year, our currency recorded its current all-time low at RM4.8 against the Dollar. The Second Finance Minister did state in February that our currency will rise in value towards the end of this year, to which it did.
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