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Ringgit’s performance to be under opposition’s spotlight at Dewan next week | Scoop
The government has to answer for the ringgit’s performance, says Arau MP Datuk Seri Shahidan Kassim. – Scoop pic, February 23, 2024
News

Ringgit’s performance to be under opposition’s spotlight at Dewan next week

BNM governor’s comments on local note’s fluctuations will be brought up, says Perikatan’s Datuk Seri Shahidan Kassim

Scoop Reporters
Updated
6:09 PM MYT

 

KUALA LUMPUR – Ringgit fluctuations will be among the opposition’s main issues when the Dewan Rakyat convenes Monday onwards.

Perikatan Nasional’s Arau MP Datuk Seri Shahidan Kassim teased that the opposition would bring up the comments made by Bank Negara governor Datuk Shaik Abdul Rasheed Ghaffour on the ringgit’s performance and the foreign investment inflows.

“On Tuesday, the opposition will debate on many issues, including the latest on the ringgit performance. The government has to answer,” he told reporters after Friday prayers at the National Mosque here today.

The Dewan Rakyat will sit for 69 days, beginning February 26 to March 27, in this session. Yang di-Pertuan Agong Sultan Ibrahim will be giving his royal address during the opening of Parliament on Monday, followed by the debates the next day.

Earlier, Prime Minister Datuk Seri Anwar Ibrahim said although the ringgit’s fluctuation was concerning, Malaysia notched a new record with a total approved investment of RM329.5 billion in the last year.

“We have to take a comprehensive view of the country’s capacity to grow and to sustain growth. Inflation is down, unemployment is down. We are not ignoring the (ringgit) problem, we are monitoring it as it affects us all.

“The current situation and what took place in 1998 are not the same. At that time, investments were down and inflation was high,” he said after launching the TRX financial hub at The Exchange 106 here today.

“With the record approved investments announced yesterday, this showed that Malaysia did not lose investor confidence due to the ringgit’s performance. It remains easy for me to meet with investors, especially exporters.”

The ringgit has been fluctuating against the US dollar, and fell to 4.7965 on Wednesday, its weakest level since an all-time low of 4.8850 in 1998 following the fallout from the Asian financial crisis.

On the same day, Rasheed said the ringgit’s current level did not reflect the positive prospects of the Malaysian economy going forward, as growth in 2024 would be driven by an improvement in external demand and strong domestic spending.

Yesterday, Anwar announced that Malaysia achieved a new record with a total approved investment of RM329.5 billion in 2023, marking a 23% increase from the previous year.

This is the highest approved investment in the country’s history. Foreign investments, accounting for 57.2%, were the primary driving force, surpassing domestic investments, which constituted 42.8% of the total. – February 23, 2024

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