In a statement on the Parliament website, the Finance Ministry of Malaysia has called for a united effort from all sectors to enhance the value of the ringgit. The ministry emphasized the importance of adopting a “Malaysia First” mindset in daily activities and supporting local businesses.
The government encourages Malaysians to prioritize domestic products and invest in the local capital market. Additionally, it suggests the need for more tourism campaigns within the country to boost economic growth.
Responding to queries from Mohd Syahir Che Sulaiman (PN-Bachok) regarding strategies under the Madani Economy framework to strengthen the ringgit’s resilience and competitiveness, the ministry highlighted various initiatives being undertaken.
Concrete steps are being taken by the government and Bank Negara Malaysia to stabilize the foreign exchange market and monitor export proceeds conversion into ringgit by exporting companies.
Efforts include coordinated actions to attract funds to the foreign exchange market and regulate overseas investments by private enterprises. Companies are encouraged to prioritize local investments over foreign ventures.
The ministry acknowledged the impact of ringgit depreciation on imported goods, particularly food items such as meat, dairy, seafood, and fruits. However, it noted that moderated global commodity prices have helped alleviate some inflationary pressures.
In response to Abdul Latiff Bin Abdul Rahman’s (PN-Kuala Krai) query on addressing the ringgit depreciation’s effects on import transactions and consumer prices, the ministry stated plans for implementing effective subsidies and targeted income assistance.
The government aims to provide support to affected groups and enhance fiscal strength through productive spending measures. These efforts are part of a comprehensive strategy to mitigate the impact of currency devaluation on the economy.
Overall, the Finance Ministry emphasizes the need for collective action to boost the value of the ringgit and strengthen Malaysia’s economic resilience. By fostering a “Malaysia First” approach and implementing targeted measures, the government seeks to enhance economic stability and support local businesses.
