Govt’s strong narrative positions Ringgit as world's best-performing currency, says Rafizi

The Star

Adopting the right narrative and the courage to make some tough decisions have contributed to the ringgit’s rise to become the world's best-performing currency against the US dollar.  Economy Minister Rafizi Ramli told reporters on Tuesday (Oct 1) that Malaysia has the potential to become a high-income country under the 13th Malaysia Plan if all parties focus on enhancing the ringgit's performance.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00Can I ask a comment about Ringgit becoming the best performing currency in the world?

00:07Can you elaborate on your comment?

00:09And what's the future formulation?

00:14Well, I've given my view, in fact since last year,

00:19that looking at the trend and early response from investors,

00:27we will see Ringgit strengthening in 2024.

00:31It's just a matter of the nitty-gritty.

00:34Is it going to be in July? Is it going to be in September?

00:38So I think that's happening, which is good news.

00:42And I'm sure the interest in Ringgit will continue.

00:48It's not just one factor, it's actually multi-factors.

00:53Of course, one factor is the smaller gap of rate differential

00:59between our interest rate and Federal Reserve rate.

01:03That's given.

01:04But even before that, we have seen the interest,

01:09especially money flowing into our stock market,

01:13since more or less July last year.

01:15It's almost a year that it's been growing.

01:18And part of it is because we have been able

01:21to give the right narrative,

01:23and we have done some difficult decisions.

01:28We have stayed on course.

01:30So if we are able to do this,

01:33we should be able to see that interest continues for a while.

01:39Of course, we are not fully protected from global developments.

01:46We still have externalities that we have to grapple with.

01:50But if the last 22 months have taught us anything,

01:54it is that if we strengthen our foundation in terms of fundamentals,

02:01and our improving economic fundamentals contributed to this growth,

02:06if we stay on course in terms of doing the right thing,

02:11no matter how difficult it is, no matter how we are criticized,

02:15and if we focus on our products and strengths,

02:20so that it becomes a competitive edge that lures people to come to us,

02:25then we should be able to navigate whatever unplanned externalities coming.

02:32So I think things are good.

02:34International investors and the world is actually confident with us.

02:40They look up to Malaysia now.

02:42What we need now is to get everyone here

02:46to focus our energy to take this opportunity and advantage.

02:50Otherwise, people want to come here.

02:52They think that there is a lot that will be achieved here.

02:56But if we spend more time doing other things,

03:00then after a while, it becomes a euphoria.

03:12World Finance

03:14www.worldfinance.org

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