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MYR’s decline against USD only temporary, says Malaysian minister

KOTA BHARU (BERNAMA) – The government views the current decline in the value of the Malaysian ringgit (MYR) against the US dollar (USD) as only temporary, said Communications and Multimedia Minister Tan Sri Annuar Musa.

He said that in fact, it was a global issue faced by many countries, and that Bank Negara Malaysia’s Monetary Policy Committee was already looking into the matter.

“We know the value of the MYR is relative to several currencies. It has gone up, and down as well (against the respective currencies). But of course, it is most notably compared to the USD.

“During the period (when the MYR is weaker than the USD) there are positives and there are negatives. The positive thing is that exported goods will fetch a higher value, but we are an importing country, so we have to pay more because the payment is made in USD,” he said during a press conference after the distribution of ‘Peranti Siswa Keluarga Malaysia’ devices at the Kok Lanas Matriculation College.

Annuar said to strengthen the country’s economic base, the manufacturing and domestic tourism sectors need to show higher demand, besides having more substitutes for imports.

A person holding USD and MYR banknotes. PHOTO: BERNAMA
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