Ringgit will recover from steep fall, Najib says
KUALA LUMPUR, Jan 20 ― The ringgit will bounce back from its current five-year low versus the US dollar as Malaysia's financial market is sufficiently robust, Prime Minister Datuk Seri Najib Razak said today.
Najib pointed out that the ringgit was not the only regional currency to weaken against the US dollar since last September, adding that the fall in its value was due to concerns over how sharply plunging global oil prices would affect the local economy.
While noting the concern over the ringgit’s value, the prime minister it was more critical that the country’s financial system was not disrupted.
“The financial markets remain orderly and resilient. Although the ringgit is facing some adjustments, it will return to levels that reflect the strong economic fundamentals,” he said today when announcing the revised Budget 2015.
Najib said that measures will be taken to ensure the ringgit's recovery and counter the volatile outflow of capital, including ensuring Malaysia's current account remains in surplus, allowing Putrajaya to push on with fiscal reforms and consolidation.
He also said Malaysia must further diversify its economic activities to enable the oil-exporting country to weather future drops in the price of oil and other commodities it sells.
According to business news site Bloomberg, the ringgit fell to 3.60 against the US dollar on January 14, its lowest level since 2009. It peaked last year at 3.10
https://sg.news.yahoo.com/ringgit-recover-steep-fall-najib-says-032800161.html
KUALA LUMPUR, Jan 20 ― The ringgit will bounce back from its current five-year low versus the US dollar as Malaysia's financial market is sufficiently robust, Prime Minister Datuk Seri Najib Razak said today.
Najib pointed out that the ringgit was not the only regional currency to weaken against the US dollar since last September, adding that the fall in its value was due to concerns over how sharply plunging global oil prices would affect the local economy.
While noting the concern over the ringgit’s value, the prime minister it was more critical that the country’s financial system was not disrupted.
“The financial markets remain orderly and resilient. Although the ringgit is facing some adjustments, it will return to levels that reflect the strong economic fundamentals,” he said today when announcing the revised Budget 2015.
Najib said that measures will be taken to ensure the ringgit's recovery and counter the volatile outflow of capital, including ensuring Malaysia's current account remains in surplus, allowing Putrajaya to push on with fiscal reforms and consolidation.
He also said Malaysia must further diversify its economic activities to enable the oil-exporting country to weather future drops in the price of oil and other commodities it sells.
According to business news site Bloomberg, the ringgit fell to 3.60 against the US dollar on January 14, its lowest level since 2009. It peaked last year at 3.10
https://sg.news.yahoo.com/ringgit-recover-steep-fall-najib-says-032800161.html
