Small and Medium Enterprises Association of Malaysia national president Datuk William Ng
KUALA LUMPUR: The Small and Medium Enterprises Association of Malaysia (Samenta) is encouraging small and medium enterprises (SMEs) to repatriate and convert export proceeds into ringgit to bolster the ringgit.
This follows Bank Negara Malaysia’s call for businesses to do so as part of a ‘whole-of-nation’ approach to ensuring the stability of the ringgit.
Its national president, Datuk William Ng, said government-linked companies (GLCs) and government-linked investment companies (GLICs) have already begun doing so and have started some early results.
"As such, it is the right time for SMEs to consider repatriating their foreign currency holdings in support of the ringgit, which will, in turn, help reduce the fluctuation and allow businesses to better plan their costs and expansion,” he said in a statement today.
Meanwhile, Ng said Samenta reiterates the call for Malaysians to buy locally-made products and services first. This is on top of last year’s call for the rapid introduction of a low-value goods tax to level the playing ground for local sellers and stem the outflow of the ringgit.
"If Malaysian consumers and SMEs want to see a rapid recovery of the ringgit, the fastest way to contribute is to buy local.
"This will also help support the economy in the longer term, ease the inflationary pressures, and allow local companies to scale up and enhance their capability,” he added. - Bernama
