Ringgit’s decline against US dollar only temporary, says minister

Ringgit’s decline against US dollar only temporary, says minister

Communications and Multimedia Minister Tan Sri Annuar Musa said the government views the current decline in the value of the ringgit against the United States (US) dollar as only temporary. ― Picture by Sayuti Zainudin

Sunday, 18 Sep 2022 7:03 PM MYT

KOTA BARU, Sept 18 — The government views the current decline in the value of the ringgit against the United States (US) dollar as only temporary, says Communications and Multimedia Minister Tan Sri Annuar Musa.

He said that in fact, it was a global issue faced by many countries, and that Bank Negara Malaysia’s Monetary Policy Committee was already looking into the matter.

“We know the value of the ringgit is relative to several currencies. It has gone up, and down as well (against the respective currencies). But of course, it is most notably compared to the US dollar.

“During the period (when the ringgit is weaker than the USD) there are positives and there are negatives. The positive thing is that exported goods will fetch a higher value, but we are an importing country, so we have to pay more because the payment is made in USD,” he said during a press conference after the distribution of ‘PerantiSiswa Keluarga Malaysia’ devices at the Kok Lanas Matriculation College here today.

Annuar, who is also chairman of the Special Task Force on Jihad against Inflation said in order to strengthen the country’s economic base, the manufacturing and domestic tourism sectors need to show higher demand, besides having more substitutes for imports.

“We are advised to buy Malaysian goods, and I believe all this will be seen through the fiscal policy by the Ministry of Finance,” he said. — Bernama