Minister of Economy, Rafizi Ramli, attributed the decline in the value of the Malaysian ringgit against the US dollar to the global economic uncertainty prevailing this year. This situation, he explained, has resulted in a growing preference for safer investment options.
Ringgit declining against US Dollar due to economic uncertainty says Rafizi Ramli
The international market, particularly the United States, has inclined towards the stability of the US dollar and gold due to the unpredictability in the global economy. Rafizi pointed out recent events, including the bankruptcy of Silicon Valley Bank, conflicts in the US Congress regarding debt ceiling increases, and newly implemented federal spending cuts.
However, he reassured that the current performance of the ringgit is comparatively stable, citing its strengthening trend against the US dollar. Rafizi also highlighted the delayed response of the Malaysian government in normalizing interest rates, which neighboring countries swiftly addressed following the end of the Covid-19 pandemic. This delay could be attributed to the country’s focus on general elections.
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