Malaysia's Economy Determines Ringgit Strength In 2023 - Tengku Zafrul

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 The Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Aziz said that Malaysia's economic growth will be the key to the ringgit's strength this year.


The statement was made while speaking to Bloomberg Television's Haslinda Amin at the World Economic Forum in Davos on Wednesday.


Tengku Zafrul said his view is that developments in the national economy will be the main determinant of the ringgit's performance.


The country's former finance minister cited the central bank's forecast that an expansion of 4%-5% could happen following the strong surge recorded last year following the reopening from the Covid-19 shutdown.



He added that the ringgit is actually seen to have strengthened because the market determines the value.


From a trade and investment perspective, as long as Malaysia moves in the same direction as the countries it trades with, it should be OK, he said.


In addition, Tengku Zafrul also thinks that Malaysia needs to strive to become an easier country for companies to do business.


The statement was made a day before Bank Negara Malaysia (BNM) announced its first policy decision for the year which is expected to increase interest rates by 25 basis points to 3.00%.