KUALA LUMPUR: The Ringgit continues to be on the right track despite the global uncertainty and volatility, says Datuk Seri Abdul Rasheed Ghaffour (pic).
The Bank Negara Governor said that the ringgit is market-determined and that the central bank does not set any targets for it.
"I wish I had a crystal ball to see what the value of Ringgit will be by year-end.
"But what's more important is that our main goal is to ensure that it's according to the market and there's no excessive volatility," he said during one of the sessions at the China Conference Southeast Asia 2025, on Monday (Feb 17).
The Governor of Bank Negara was asked to give his forecast on the value of Ringgit by the end of the year.
He said even with the narrowing of interest rate differentials that the country is seeing, it should be positive for the ringgit.
"Given the strong fundamentals that we have, and strong prospects that we have, I believe these are all positive factors for the ringgit," said Abdul Rasheed.
He said that despite all the challenges, it was important for Malaysia and many other Asean countries to enter this period from a position of strength.
"In terms of our economy, it is very well diversified in terms of structure.
"And for our trades as well.
"Our trade partners are also very well diversified," he said.
He added that Malaysia also has a strong economic prospect with investments continuing to enter the country.
"And with the economy doing well, we need to keep growing, so we continue supporting ourselves.
"More importantly, Malaysia is part of Asean.
"And Asean is part of the Asian region, which is currently the growth centre," he said, adding that the country has strong financial and investment sectors.
"So from these points, we have a very good footing.. and that is where we can support economic growth," he said.
On Feb 17 morning, the ringgit surged to 4.4265/4350 versus the US dollar compared to Friday’s close of 4.4310/4385.
