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Government, BNM ramp up efforts to boost forex market funds | Scoop
Prime Minister Datuk Seri Anwar Ibrahim highlights the positive impact of joint operations, which has resulted in a 1.4% strengthening of the ringgit against the US dollar since February. – Azim Rahman/Scoop pic, March 22, 2024
News

Government, BNM ramp up efforts to boost forex market funds

PM reveals govt's strategy to strengthen ringgit's performance against US dollar through initiatives with GLICs, GLCs

Bernama
Updated
9:08 AM MYT

 

KUALA LUMPUR – The government and Bank Negara Malaysia (BNM) will continue to intensify engagement with corporates, including exporters, importers, government-linked investment companies (GLICs) and government-linked companies (GLCs), to encourage fund flows into the foreign exchange market.

In a post on social media platform X, Prime Minister Datuk Seri Anwar Ibrahim said that during the National Economic Action Council’s second meeting of the year yesterday, BNM governor Datuk Abdul Rasheed Abdul Ghaffour said that the ringgit’s performance has continued to improve against the US dollar.

Anwar, who is also finance minister, said this was the result of various initiatives coordinated among the government, BNM, GLICs, and GLCs, as well as the forecast announced by the United States Federal Reserve yesterday.

According to him, the forecast shows US inflation is more manageable and the US monetary policy normalisation plan this year will curb US dollar appreciation.

“Since the joint operation began, the ringgit’s value has strengthened by 1.4% to 4.7135 from 4.7773 on February 23, 2024. 

“However, the global financial market uncertainty will continue to influence the local currency’s movement as long as the monetary policy actions of developed economies remain unclear,” he said.

Meanwhile, the prime minister also said the government will implement the New Deal for Business (NDFB) initiative by improving process and procedural efficiency as well as carrying out structural reforms for operating businesses.

He revealed that the NDFB proposal, which aims to boost investor confidence while also increasing productivity, competitiveness, and national economic growth, was thoroughly discussed at yesterday’s meeting.

Therefore, Anwar said, the Special Taskforce to Facilitate Business (Pemudah) will be tasked with monitoring the execution of all NDFB initiatives.

The meeting also discussed the strengthening of Malaysia’s old-age income security framework, said the prime minister.

The discussion focused on ageing issues and their effects, including the country’s preparedness to provide old-age income security, he said.

The meeting concluded that a comprehensive study must be done to improve the old-age income security framework in Malaysia and make it more holistic. – March 22, 2024

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