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Anwar praises GLICs engaging local currency for business transactions | Scoop
In the Dewan Rakyat today, Prime Minister Datuk Seri Anwar Ibrahim also thanked Bank Negara Malaysia for not raising the overnight policy rate (OPR), which would have had a negative effect on the average Malaysian. – Info Dept pic, October 10, 2023
News

Anwar praises GLICs engaging local currency for business transactions

Using the ringgit instead of the US dollar strengthens the local currency’s standing

Main Author Image
Qistina Nadia Dzulqarnain
Updated
12:38 PM MYT

 

KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim (Tambun-PH) has commended major local firms and government-linked investment companies (GLICs) for their willingness to contribute to efforts towards strengthening the ringgit’s value. 

Addressing the Dewan Rakyat today, Anwar said that while Bank Negara Malaysia (BNM) is unable to make it mandatory for companies to carry out import and export transactions in ringgit, local companies have taken the initiative.

“I am pleased, especially with GLICs in particular and other big local companies that have considered this (using ringgit for business transactions). 

“If all companies were to use US dollar, the strength of the ringgit would be affected. There are many companies using the greenback (for transactions) while their savings here are in ringgit. This has strengthened the ringgit’s standing. 

“This is a responsible move by private firms as well as GLICs,” the prime minister said, noting that some of the companies’ transactions in ringgit exceeded 70%. 

Anwar said this in responce to a supplementary question from MCA president Datuk Seri Wee Ka Siong, who asked if BNM is continuing with its policy of requesting big companies and government-linked companies (GLCs) to keep their savings in ringgit to ensure strengthened demand for the local currency. 

Confirming that the policy is still in effect, Anwar also expressed his thanks to BNM for not raising the overnight policy rate (OPR) as it pleases without considering its effect on the people. 

“They (BNM) explained that the OPR was not raised after considering the low inflation rate and the consequences (raised rate) will have on citizens. They look at fundamental local issues, not just increased interest in the US dollar. This is a stance that will remain.” 

Last month, BNM decided to maintain the OPR at 3% following its two day Monetary Policy Committee (MPC) meeting. 

In a statement, the central bank said that the current OPR level reflects how the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth aspects. 

Previously in May, BNM had raised the OPR by 25 basis points (bps) from 2.75%, bringing the OPR to its pre-pandemic level of 3%. – October 10, 2023

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