PM says no plans to re-peg the ringgit

  • Economy
  • Tuesday, 23 Jan 2018

TUESDAY, JANUARY 23 KUALA LUMPUR- Prime Minister Najib Razak(pic) attends Invest Malaysia 2018 at 0830 (0030 GMT)

KUALA LUMPUR: Malaysia will never repeat the measure of re-pegging the ringgit as the move will be an unmitigated disaster for the economy and the prosperity of the people, Datuk Seri Najib Tun Razak said.

“We have made it very clear that we would never repeat that measure, trusting that while there may be short-term fluctuations, in the longer term the level of the ringgit would reflect the strength of the Malaysian economy,” the Prime Minister said when launching Invest Malaysia 2018 here on Tuesday. 

Najib, who is also Finance Minister, said this was among the issues of the past that the government had to correct, and the focus now had been centered towards the future of Malaysia.

“We know that depends on our human capital infrastructure, our preparedness for the fourth industrial revolution, our embracing of the digital economy, our proficiency in languages, including English, and our investment in the hard 

infrastructure of roads, railways, ports and the like,” he said.

The Prime Minister said the robustness of the Malaysian economic transformation was evident in the new economy the country is building, with the ringgit appreciating 10.4 per cent against the US dollar last year.

On Jan 5, 2018, the ringgit closed at a 17-month high, breaking the 4.0-psychological level barrier.

“This rise may have been partially underpinned by the recovery in crude oil prices, but it also indicates positive sentiment among investors and and recognition of Malaysia's excellent economic and financial fundamentals,” he added. - Bernama

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