KUALA LUMPUR: The ringgit have strengthened by 2.8 per cent against the US dollar as of Nov 22, 2024, according to the Ministry of Finance (MoF).
The ministry also reported that the ringgit had strengthened against regional currencies, including 12.8 per cent against the Japanese yen, 12.2 per cent against the South Korean won, 6.0 per cent against the Indonesian rupiah, and 4.1 per cent against the Thai baht.
Additionally, the ministry stated that liquidity in the foreign exchange market had increased, with the average daily foreign exchange turnover rising from US$15 billion before coordinated actions (between Dec 29, 2023, and February 26, 2024) to US$18.1 billion (between February 26, 2024, and Nov 22, 2024).
"Bank Negara Malaysia (BNM) will continue to monitor developments in the foreign exchange market and is always ready to take intervention steps to curb excessive currency movements and ensure that market conditions remain orderly.
"Furthermore, Malaysia's positive economic outlook and the government's commitment to implementing policies under the MADANI Economic Framework to improve the nation's economic prospects will continue to provide ongoing support to the ringgit," it stated on the parliament's website today.
The MoF was responding to a question from Senator Datuk Shamsuddin Abd Ghaffar regarding the government's efforts to improve the value of the ringgit against the US dollar and when these efforts are expected to succeed.
The ministry also said that the government and BNM will continue with coordinated actions to encourage government-linked companies (GLCs), government-linked investment companies (GLICs), and corporate companies to repatriate foreign investment income and convert it to ringgit consistently.
It stated that this promotes a stronger two-way flow in the domestic foreign exchange market, which ultimately leads to the strengthening of the ringgit. - Bernama
