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Strong govt narrative fuels ringgit’s rise as world’s best-performing currency
SHAH ALAM, Oct 2 — Adopting the right narrative and the courage to make some tough decisions has contributed to the ringgit’s rise to become the world’s best-performing currency against the US dollar.
Economy Minister Rafizi Ramli stated that Malaysia has the potential to become a high-income country under the 13th Malaysia Plan (13MP) if all parties focus on enhancing the ringgit’s performance.
“We have seen money flowing into our stock market since about July last year, and part of it was because we have provided the right narrative and made some difficult decisions.
“If we stay on course by doing the right thing — regardless of the challenges or criticisms we face — and focus on our strengths to maintain that competitive edge that lures people to come to us, we should be able to navigate whatever unplanned ‘externalities’ that come,” he said.
Rafizi said this to the media after attending an engagement session on 13MP with the Selangor state government here yesterday.
He said the current ringgit’s performance has boosted world and international investors’ confidence in Malaysia, which businesses and industry players must capitalise on before investors lose interest.
Rafizi said the news about the ringgit’s performance would only result in a brief state of euphoria for the nation if these groups become distracted and allow the opportunity to slip by.
“International investors and the world are confident in us and they look up to Malaysia now. We need to get everyone to focus our energy to seize this opportunity.
“I hope we can remain focused and if this continues, hopefully, we will be able to see Malaysia become a high-income nation by the time the 13MP is completed,” he said.
