The finance department urges all parties to work up and adopt a whole-of-nation method to raise the value of the ringgit, according to the state of Malaysia.
On the Parliament website on Monday ( March 18 ), it stated that all Malaysians are encouraged to practice a” Malaysia First” lifestyle.
” This includes purchasing home goods as well as making investments in private capital markets. Additionally, it said, more commerce activities in the nation must be launched and improved.
The government responded to Mr. Mohd Syahir Che Sulaiman ( Perikatan Nasional- Bachok ) who requested information on the concrete steps being taken to improve the value of the ringgit’s endurance and competitiveness within the framework of the Madani Economy.
The Indonesian rupiah dropped to its lowest rates in 26 years last month following the Asian Financial Crisis of the late 1990s.
The state and Bank Negara Malaysia have taken and are taking several concrete steps, according to the finance ministry, to deal with the decline in the value of the ringgit, including ensuring that the regional foreign exchange market remains ordered while keeping an eye on the conversion of export proceeds by exporting companies into ringgit.
The government added that Bank Negara and the government also coordinated and integrated steps to regulate private companies ‘ overseas investments, including encouraging them to prioritize domestic funding and halting new overseas purchase.
It added that imported goods, such as foods, fish and seafood, fruits and vegetables, and fish and seafood, are affected more by the ringgit’s loss.
In a response to Mr. Abdul Latiff Bin Abdul Rahman ( Perikatan Nasional- Kuala Krai ) who inquired about the government’s efforts to holistically address the issue of the ringgit’s fall and the impact on import transactions that cause the price of goods to rise for consumers, it was stated in the statement “moderate global commodity prices have, at some point, curbed the effect of the ringgit’s devaluation on inflation.
The ministry claims that the government is even considering ways to implement more efficient subsidies and precise income assistance, especially to aid the affected groups in ensuring that fiscal consolidation can be achieved through more productive spending.