KUALA LUMPUR: Datuk Seri Anwar Ibrahim (pic) stated that the current depreciation of the ringgit should not be compared to the 1998 Asian financial crisis. The Prime Minister emphasized the need to look at the current situation comprehensively, taking into account the country’s growth capacity and investment figures.
He suggested that focusing solely on the ringgit and comparing it to the 1998 financial crisis is unjustified. During 1998, the ringgit’s value dropped, investment decreased, and inflation rose.
However, Anwar pointed out that the current scenario is different. He cited the National Investment Council meeting’s announcement of the highest recorded figures in history as evidence. On Feb 23, he addressed reporters after launching the International Financial Hub at Exchange 106 at TRX.
Malaysia recorded total approved investment worth RM329.6 billion in 2023 on Feb 22, marking the highest ever in the country’s history.
On Jan 24, Bank Negara Malaysia explained that the recent ringgit movements were primarily driven by external factors and did not accurately reflect the domestic economic performance and prospects.
Anwar, who also serves as the Finance Minister, stressed the importance of focusing on actionable measures to address the challenges posed by the situation. He mentioned that the government is actively working on a daily basis to address the issue, rather than ignoring it or taking it lightly.
He emphasized the need to concentrate on what can be done to tackle the situation, asserting that the government is making daily efforts to ensure the smooth functioning of the economy.
