‘Malaysia First’ Attitude Needed To Strengthen Ringgit, Says Finance Ministry

Malaysia minimum wage

The Finance Ministry has stated that in order to help strengthen the value of ringgit, all parties need to come together and adopt a ‘Malaysia First’ attitude.

The ministry stated this while answering a question from Mohd Syahir Che Sulaiman (PN-Bachok) in the parliament yesterday on what the government was doing to increase the resilience and competitiveness of the value of the ringgit.

According to a report from The Star, In its answer to the opposition MP, the Finance Ministry stated that the ‘Malaysia First’ attitude includes;

  • Buying domestic goods,
  • Investing in the domestic capital market
  • Introducing more local tourism campaign

Govt and Bank Negara working hand in hand

Answering a separate question from another opposition MP, Abdul Latiff Bin Abdul Rahman (PN-Kuala Krai), the ministry explained that various concrete measures are being taken by the government and Bank Negara Malaysia to stop the ringgit’s slide in value, including ensuring that the domestic foreign exchange market remains stable, and by monitoring the conversion of export proceeds into ringgit. 

The ministry also added that the government and Bank Negara also worked hand in hand to bring in the flow of funds into the foreign exchange market, controlling overseas.

Abdul Latiff asked about the government’s efforts to deal with the issue of ringgit’s slide in value and its impact on import transactions, which in turn cause an increase in the price of goods for consumers.

The ministry also added that the government is also considering more measures to help reduce the effect of the goods price increase, by implementing more effective subsidies and targeted assistance for specific income groups.

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