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BRICS reserve currency under govt review, says Hui Ying | Scoop
Deputy Finance Minister Lim Hui Ying emphasises that any decision regarding the BRICS currency must safeguard Malaysia's national interests and align with existing economic policies. – Information Dept pic, June 26, 2024
News

BRICS reserve currency under govt review, says Hui Ying

Malaysia actively studying possibility of aligning with BRICS nations’ initiative, which aims to reduce dependency on US dollar, reveals deputy finance minister

Main Author Image
Rebecca Chong
Updated
2:54 PM MYT

 

KUALA LUMPUR – The Malaysian government is currently considering joining the BRICS nations in launching a new reserve currency, but has yet to make a decision. 

Deputy Finance Minister Lim Hui Ying (Tanjong-PH) said that the government is actively studying the potential of the BRICS currency, originally formed by Brazil, Russia, India, China, and South Africa.

“We understand that BRICS is putting in efforts to reduce the dependency on foreign currency, but the government is still studying this.

“Any decisions made must ensure the interest of the country, and they must be in line with the policies of the country,” she told the Dewan Rakyat today.

Lim said this during the Minister’s Question Time in response to Hassan Bin Abdul Karim (Pasir Gudang-PH), who asked if joining the BRICS nations to establish a new reserve currency would be a way to reduce the Malaysian ringgit’s reliance on the US dollar. 

She explained that the government has taken several measures to reduce the country’s dependency on foreign currency, including promoting the use of local currency in international trade and investment.

She added that Bank Negara Malaysia has also been exploring collaboration opportunities with other strategic partners, such as China, Thailand, Indonesia, and other Asean countries.

“The government will continue to work towards reducing the Malaysian ringgit’s dependency on foreign currency,” she assured.

Meanwhile, responding to a supplementary question from Ahmad Fadhli Shaari (Pasir Mas-PN) about the ministry’s forecast for the Malaysian ringgit’s value recovery, Lim stated that Malaysia is currently working to strengthen the ringgit.

“The main factor (that weakened the ringgit value) is the US dollar. So we are monitoring this closely.

“Compared to a few months ago, we are now on the right track. We anticipate that the ringgit value will increase further in the last quarter of this year,” she stated. – June 26, 2024

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