Adopting the right narrative and the courage to make some tough decisions have contributed to the ringgit’s rise to become the world's best-performing currency against the US dollar.
Economy Minister Rafizi Ramli told reporters on Tuesday (Oct 1) that Malaysia has the potential to become a high-income country under the 13th Malaysia Plan if all parties focus on enhancing the ringgit's performance.
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Economy Minister Rafizi Ramli told reporters on Tuesday (Oct 1) that Malaysia has the potential to become a high-income country under the 13th Malaysia Plan if all parties focus on enhancing the ringgit's performance.
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NewsTranscript
00:00Can I ask a comment about Ringgit becoming the best performing currency in the world?
00:07Can you elaborate on your comment?
00:09And what's the future formulation?
00:14Well, I've given my view, in fact since last year,
00:19that looking at the trend and early response from investors,
00:27we will see Ringgit strengthening in 2024.
00:31It's just a matter of the nitty-gritty.
00:34Is it going to be in July? Is it going to be in September?
00:38So I think that's happening, which is good news.
00:42And I'm sure the interest in Ringgit will continue.
00:48It's not just one factor, it's actually multi-factors.
00:53Of course, one factor is the smaller gap of rate differential
00:59between our interest rate and Federal Reserve rate.
01:03That's given.
01:04But even before that, we have seen the interest,
01:09especially money flowing into our stock market,
01:13since more or less July last year.
01:15It's almost a year that it's been growing.
01:18And part of it is because we have been able
01:21to give the right narrative,
01:23and we have done some difficult decisions.
01:28We have stayed on course.
01:30So if we are able to do this,
01:33we should be able to see that interest continues for a while.
01:39Of course, we are not fully protected from global developments.
01:46We still have externalities that we have to grapple with.
01:50But if the last 22 months have taught us anything,
01:54it is that if we strengthen our foundation in terms of fundamentals,
02:01and our improving economic fundamentals contributed to this growth,
02:06if we stay on course in terms of doing the right thing,
02:11no matter how difficult it is, no matter how we are criticized,
02:15and if we focus on our products and strengths,
02:20so that it becomes a competitive edge that lures people to come to us,
02:25then we should be able to navigate whatever unplanned externalities coming.
02:32So I think things are good.
02:34International investors and the world is actually confident with us.
02:40They look up to Malaysia now.
02:42What we need now is to get everyone here
02:46to focus our energy to take this opportunity and advantage.
02:50Otherwise, people want to come here.
02:52They think that there is a lot that will be achieved here.
02:56But if we spend more time doing other things,
03:00then after a while, it becomes a euphoria.
03:12World Finance
03:14www.worldfinance.org