KUALA LUMPUR (Bernama) – The recent slide in the value of the ringgit against the US and Singapore dollars will not adversely affect Malaysia’s economy, says Deputy Finance Minister Datuk Ahmad Maslan.
He said the economy would grow within expectations in 2015 and the ringgit would remain stable in the long term and could still appreciate against several major currencies like the yen and euro.
Ahmad said Bank Negara Malaysia recently briefed ministries on the impact of the weakening ringgit and the possibility of the national income declining with the slump in global oil prices.
The situation is not yet worrying and the gross domestic product figures will not be revised in the near future although the government will monitor any negative impacts and make any announcement if necessary, he said.
“The depreciation of the ringgit should not be seen only in a negative light, as it could also enhance tourism and exports and benefit certain sectors,” he said after witnessing the signing of an agreement on the construction of a children’s specialist hospital at Universiti Kebangsaan Malaysia.
Budget 2015 is also on the right track even with national oil company Petronas recently suggesting the possibility of a reduced dividend payout to the government if oil prices remain at current levels, he said, pointing out that the recent subsidy rationalisation measures have reduced the subsidy burden on the governemnt to RM19 billion this year from RM23.5 billion last year.
Ahmad said he also does not see any delays to current mega projects.