KUALA LUMPUR: The stronger ringgit indicates positive sentiment among investors and a recognition of Malaysia’s excellent economic and financial fundamentals, says Datuk Seri Najib Tun Razak.
The Prime Minister said on Tuesday the ringgit appreciated by 10.4% against the US dollar in 2017. On Jan 5, 2018, it closed at a 17-month high, breaking the four dollar psychological barrier.
Delivering his keynote address at the Invest Malaysia, he said while one factor was also due to the recovery in crude oil prices, the stronger economic fundamentals speak for themselves.
Malaysia, he said, has enjoyed years of strong growth – with figures that most developed economies could only dream of – even during times of global economic turmoil and uncertainty.
“In fact, last year Malaysia exceeded all expectations, with the World Bank having to revise its estimate for our growth upwards not once, not twice, but three times – to 5.8%,” he said.
Najib said investors and global institutions are right to have confidence in Malaysia.
He cited the country's total trade grew strongly by 20.8% from January to November 2017 – while in that month alone, gross exports reached double-digit growth of 14.4%, with the highest receipts ever recorded, at RM83.5bil.
“Our capital market, a key facilitator for financing business growth, has continued to grow from strength to strength.