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Malaysian PM Anwar: Don’t equate MYR weakness

KUALA LUMPUR (ANN/THE STAR) – Malaysia’s Datuk Seri Anwar Ibrahim emphasised that the present depreciation of the ringgit should not be likened to the circumstances during the 1998 Asian financial crisis. 

The Prime Minister underscores the importance of examining the current situation holistically, taking into account various factors such as the nation’s growth potential and the positive investment indicators.

“But why should we only look at the ringgit and compare it to 1998 (1998 Asian Financial Crisis)?

“During 1998, the ringgit fell, investment fell and inflation went up.

“But now, it is not the same. The latest figures as announced by the National Investment Council meeting, it is the highest record in history,” he told reporters after launching the International Financial Hub at Exchange 106 at TRX on Friday (February 23).

On Thursday (February 22), Malaysia recorded a total approved investment worth MYR329.6bil in 2023, the highest ever in the country’s history.

On January 24, Bank Negara Malaysia said the recent ringgit movements were primarily driven by external factors and are not reflective of the current domestic economic performance and prospects.

Anwar, who is also the Finance Minister, said the most important thing was to focus on measures that can be done to address the challenges.

“But what’s important is to focus on what we can do and what we should do, we are doing it on a daily basis.

“We are not ignoring it or taking it lightly, it is a daily effort to make sure that things work,” said the Prime Minister.

File photo of Datuk Seri Anwar Ibrahim. PHOTO: ANN/THE STAR