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Ringgit drop: PM says balanced approach needed to protect people, maintain investors’ confidence | Scoop
Prime Minister Datuk Seri Anwar Ibrahim has said that the government must take a smart and balanced approach in addressing the depreciation of the ringgit to ensure the people are not burdened and investors’ confidence can also be maintained. – Alif Omar/Scoop pic, February 25, 2024
News

Ringgit drop: PM says balanced approach needed to protect people, maintain investors’ confidence

Economy shows declining inflation, increasing investments despite currency depreciating, he adds

Bernama
Updated
7:21 PM MYT

 

KUALA SELANGOR – The fall of the ringgit is a serious challenge and requires the government to take a smart approach that would not burden the people. 

Prime Minister Datuk Seri Anwar Ibrahim said the government, at the same time, also needs to take a balanced approach to maintain investor confidence. 

“When the ringgit fell, one of the solutions offered was to increase the overnight policy rate (OPR). 

“However, that step can result in an increase in interest rates for car loans, housing loans and loans to small traders. This can result in a higher debt burden for those with such loans,” he said during the closing ceremony for the Central Zone Madani Rakyat Programme at the Kuala Selangor Sports Complex here today. 

Anwar explained that the OPR was raised during the 1998 Asian Financial Crisis because the inflation rate at the time was rising sharply, and investments were also lacking. 

“Therefore, measures to curb the current fall in the ringgit must be taken with care. 

“The economic condition now has shown that although the ringgit’s value has fallen, inflation is also falling, and investments in the country are rising. 

“For example, investments in 2023 were at a historic high, demonstrating investor confidence towards the country’s political stability and economic policies,” he said. 

The prime minister added that Malaysia’s political stability and clear economic policies are important factors that attract investors, and such policies must be maintained to ensure the people’s welfare as well as to maintain investor confidence to continue investing in Malaysia. – February 25, 2024

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