Practice a 'Malaysia First' Attitude to Strengthen the Ringgit - MOF


The Malaysian Finance Minister urged all parties to work together and take a nationwide approach to strengthen the value of the ringgit.

The speech was recorded at the Parliament session on March 18 (Monday) to encourage Malaysians to adopt a "Malaysia First" attitude in their daily lives.

Including buying domestic goods and investing in the domestic capital market. More tourism campaigns in the country should also be introduced and improved.

The ministry was responding to a question from Mohd Syahir Che Sulaiman (PN-Bachok) who wanted to know the concrete steps taken in the framework of Civil Economy to increase the resilience and competitiveness of the value of the ringgit.

He also said that various concrete measures have been and are being taken by the government and Bank Negara Malaysia to deal with the fall in the value of the ringgit, including ensuring that the domestic foreign exchange market remains orderly while monitoring the conversion of export proceeds into ringgit by exporting companies.

They also take concerted and coordinated action to bring in the flow of funds to the foreign exchange market, control overseas investment by private companies such as encouraging domestic investment and delaying new overseas investment.

He added that the impact of the depreciation of the ringgit is higher on imported goods including food such as meat, dairy, seafood, fruits and vegetables.

According to the ministry, the government is also planning measures to implement more effective subsidies and targeted income assistance, especially to help the affected and ensure fiscal strengthening can be achieved through more productive spending.