Finance Minister II: The Malaysian Ringgit is 1st Place Compared to 9 Regional Countries

Finance Minister II Datuk Seri Amir Hamzah Azizan has revealed that the Malaysian Ringgit is the top performer in the region compared to 9 other countries.

Speaking in the Dewan Negara, Amir Hamzah said that the Ringgit was in 1st place compared to the 9 regional countries after the implementation of coordination measures between the Federal Governmetn, Bank Negara Malaysia (BNM), government-linked investment companies (GLICs) and government-linked companies (GLCs) on 26 February.

The Federal Government’s measures to strengthen our nation’s currency

The Finance Minister II was responding to YB Senator Tuan Nik Mohamad Abdul bin Nik Abdul Aziz who asked about the short term strategy by the Finance Ministry to address the falling Ringgit.

Amir Hamzah stressed that the Federal Government is committed to ensuring the performance of the Ringgit is at a better and stronger level.

For illustration purposes

Furthermore, the former Employees’ Provident Fund (EPF) CEO also told the Dewan Negara that various measures have already been undertaken to address the issue.

He elaborated that BNM always ensures that the domestic foreign exchange market remains orderly and maintains financial stability.

Moreover, BNM continuously monitors the financial market and takes the necessary measures, including intervention in the foreign exchange market to curb excessive currency movements.

The Finance Ministry and BNM have also exerted integrated and coordinated actions to bring money into the foreign exchange market, including encouraging GLICs and GLCs to bring back foreign investment income and convert the income to the Ringgit more consistently.

Increased market interest in the Ringgit

Besides that, Amir Hamzah lauded the Ringgit’s performance compared to regional countries, saying that the coordinated measures implemented on 26 February has had an immediate impact. 

The Finance Minister II asserted that based on BNM’s Financial Markets Committee statement on 1 March, there have been increased market interest in the Ringgit. 

For illustration purposes

You can watch the Dewan Negara session in full here:

So, what do you guys think of the Finance Minister II’s statement? Share your thoughts with us in the comments!

Also read: SGD1 Would’ve Always Been RM1 if Malaysia Didn’t Pull Out of This 1967 Agreement