Positive Economic Data Strengthens Ringgit, Says PM Anwar Ibrahim
Kuala Lumpur, The Gulf Observer: Positive economic indicators have reinforced the position and resilience of the Malaysian ringgit, Prime Minister Datuk Seri Anwar Ibrahim said on Tuesday.
Speaking in the Dewan Rakyat during Question Time, Anwar, who also serves as Finance Minister, noted that the currency’s appreciation reflects growing confidence in Malaysia’s economic system.
“The strengthening of the ringgit should not be viewed in isolation; it must also be considered alongside rising investment, incomes, and lower unemployment. Overall economic data point to a positive trend, which in turn bolsters the ringgit’s position and resilience,” he said.
Responding to a supplementary question from Datuk Dr Ku Abd Rahman Ku Ismail (PN-Kubang Pasu) on the factors behind the ringgit’s gains against the US dollar, Anwar stressed that the currency’s strength has not hindered trade flows. He added that the government remains committed to strengthening the economy, managing key policies, curbing the deficit, and attracting investment.
“Normally, a stronger ringgit brings positive effects, although there are minor concerns because it relates to the export and import of goods. But overall, no country wants its currency to weaken or fall below its intrinsic value,” he said.
At 8 am Tuesday, the ringgit was traded at 3.9650/9750 against the US dollar, compared with 3.9615/9670 at Monday’s close. The currency was last seen at this level in May 2018.
