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Ringgit Has Gained 14% Against USD, So Why Haven’t Prices Gone Down? Finance Minister II Explains
Finance Minister II Datuk Seri Amir Hamzah Azizan has addressed concerns regarding why the prices of goods in Malaysia remain largely unaffected despite the Ringgit’s significant gains against the US Dollar (USD) and other major currencies.
BERNAMA quoted Amir Hamzah as saying that since early 2024, the Ringgit has strengthened by approximately 14% against the USD and up to 7% against other major global currencies.
Datuk seri amir hamzah azizan
The government is working on ‘passing’ the savings from a stronger Ringgit to the people
Speaking at a press conference following the Finance Minister II MADANI Adopted Village outreach programme at Kampung Pulau Betong in Balik Pulau, Penang, today (15 February 2026), he stated that the Ministry of Finance (MOF) will continue to work closely with the Ministry of Domestic Trade and Cost of Living (KPDN).
The goal is to ensure the benefits of a stronger Ringgit are reflected in lower consumer prices, rather than solely benefiting importers.
For illustration purposes
Amir Hamzah revealed that the stronger Ringgit has a positive impact on the cost of importing goods into Malaysia. This creates a clear opportunity for prices to decrease if the subsequent savings are passed on to consumers. Consequently, the government is currently analysing the best mechanisms to ensure these savings are indeed passed to the rakyat.
Striking a balance
However, the Finance Minister II clarified that not all prices are expected to drop immediately. This is due to the various cost increases recorded over the past few years that businesses are still absorbing. Amir Hamzah stressed that a balance must be struck between existing cost structures and current market conditions.
He added that the stronger Ringgit and improved economic performance have bolstered public confidence, which serves as an indicator of stronger purchasing power and overall economic stability for Malaysia.
For illustration purposes
So, what do you guys think of Amir Hamzah’s statement? Share your thoughts with us in the comments.
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