Ringgit to be monitored to ensure consistent value


  • Nation
  • Tuesday, 19 Aug 2008

KUALA LUMPUR: The value and the exchange rate of the Ringgit will be monitored to ensure that the currency's value stays consistent with the country's economic growth, Deputy Finance Minister Datuk Kong Cho Ha said in Parliament on Tuesday.

He added that the exchange rate of the Ringgit has risen slightly to 0.3% to RM3.2965 compared to the US dollar from December to Aug 8 this year.

"The value of the Ringgit has risen to 15.3% compared to the US dollar since the Ringgit was unpegged from the US dollar in July 2005," he told Datuk Siringan Gubat (BN-Ranau).

Kong also said that Bank Negara Malaysia had taken out the RM500 and RM1,000 notes from circulation and the Government had no plans to re-introduce these denominations.

Fair Trade Practices Bill to be tabledA Fair Trade Practices Bill is expected to be tabled in Parliament by early next year, which sought to promote fair and competitive market environment in the country.

Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said several series of public consultations were being carried out with industry members, NGOs and government agencies to get feedback on the bill.

"As of now, we can only take action if the monopolistic practices among businesses contravene the Trade Descriptions Act 1972 and Consumer Protection Act 1999," he told Zuraida Kamaruddin (PKR-Ampang).

Shahrir added the ministry also carried out enforcement activities as provided under the Supply Control Act 196, in which officials ensured that the supply of consumer goods from the manufacturer to the market were adequate.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Across the site