Economists warn of weaker ringgit as M’sians spend RM130mil abroad
They call for spending to be redirected locally to support the domestic economy’s growth.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/03/economists-warn-of-weaker-ringgit-as-msians-spend-rm130mil-abroad/
Laporan Lanjut:
https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/03/belanja-luar-negara-mampu-lemahkan-nilai-ringgit-kata-pakar/
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/03/economists-warn-of-weaker-ringgit-as-msians-spend-rm130mil-abroad/
Laporan Lanjut:
https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/03/belanja-luar-negara-mampu-lemahkan-nilai-ringgit-kata-pakar/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
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NewsTranscript
00:00Economists warned that an outflow of funds could weaken the ringgit after Malaysians
00:06spent 130 million ringgit in southern Thailand over a recent long weekend.
00:12University of Malaya's Golim Tai said that while this spending reflects increased purchasing
00:16power, doing so overseas may harm the local economy.
00:20He added that as Malaysians exchange ringgit for foreign currencies like the Thai baht,
00:24the supply of ringgit in the market rises, potentially causing its depreciation.
00:29Go said a weaker ringgit raises the cost of imports, adding inflationary pressures.
00:34Ahmad Razman Abdul Latif of Putra Business School suggested countering this outflow by
00:39attracting foreign tourists to Malaysia and encouraging them to spend more than Malaysians
00:43do abroad.
00:45Both economists agreed that redirecting spending to the local economy could boost business
00:49growth, productivity and job creation.
00:53It was previously reported that nearly 100,000 Malaysian tourists spent over 1 billion baht
00:58in southern Thailand during the Malaysia Day weekend.
01:01Danish Raja Reza, FMT News.