Bank Negara will find ways to strengthen ringgit, says Ahmad Maslan

PUTRAJAYA: It will be up to Bank Negara to search for “remedies” to strengthen the ringgit, which has depreciated amid uncertainty over the United States debt ceiling issue, says Datuk Seri Ahmad Maslan.

The Deputy Finance Minister I said the ministry would leave the matter to the central bank and expressed confidence that it would find a solution.

“I leave it to Bank Negara’s wisdom and good judgment as they are the experts and have better knowledge to handle such matters,” he told reporters after launching the country's Sustainable Investing Standards document here on Friday (May 26).

Ahmad hoped the ringgit’s current position at RM4.64 against US$1 would not persist.

He said there were some advantages, however, to the weakening ringgit.

“This includes pushing the export and tourism sectors, particularly encouraging the arrival of foreign tourists.

“However, there are concerns that the import sector will be affected and more expensive.

“This may also cause inflation and burden our students who are pursuing education overseas,” he added.

The United States is embroiled in a debate as to whether or not it should raise its US$31.4 trillion (RM145.33 trillion) debt ceiling before the June 1 deadline.

The ringgit continues to remain under pressure as the outcome of the US debt ceiling talks remains uncertain despite just days to the deadline.