As the ringgit continues to trade easier against the US dollar following Donald Trump’s presidential victory, Deputy Finance Minister Lim Hui Ying assured the public that Putrajaya has the right mechanisms in place to ensure that the local currency doesn’t slide further.
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NewsTranscript
00:00Thank you, Mr President. Thank you to the honoured guests.
00:03We do know about the current developments in the United States.
00:07External developments, including political movements in the Middle East
00:11as well as the decision on the election in the United States
00:14have also contributed to the rise of the global financial market,
00:18including the RMB and the country's emerging currency,
00:22or with the permission of emerging market currencies.
00:25However, the prospect of a positive economy in Malaysia,
00:28including the government's commitment to implementing structural investment,
00:33will provide continuous support to the RMB.
00:36The government will ensure that the RMB is traded in an orderly manner.
00:41The Bank of Malaysia will continue to be ready to support
00:45the movement of excess money in the foreign exchange market.
00:50The government and the Bank of Malaysia have long taken proactive steps
00:54to promote the use of local currency for the settlement of international trade and investment.
01:02This step aims to enable the management of foreign exchange issuance more effectively,
01:08while also strengthening the endurance of foreign factors.
01:12In this context, the government and the Bank of Malaysia
01:15have expanded the opportunity for cooperation in the settlement of local currency
01:19with strategic countries such as China, Thailand and Indonesia,
01:24as well as other ASEAN countries that have high trading values.
01:30As ASEAN's manager in the coming years,
01:33the government will continue to work to expand the use of local currency
01:40with other ASEAN countries.
01:43As a small and open economy,
01:48Malaysia cooperates with various parties,
01:51including OECD, APEC and now BRICS.
01:58This involvement can increase the status of the country
02:01or our standing with the permission of the international level
02:04as well as expand the opportunities and potential of the country's trade.
02:08That's all. Thank you.