ACCCIM supports central bank’s currency stabilising measures

PETALING JAYA: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) is positive on Bank Negara Malaysia’s (BNM) latest measures to stabilise the ringgit despite some quarters urging that it will affect earnings of exporters.
“We prefer stable currency, we think such move can help the ringgit,” secretary-general Datuk Low Kian Chuan told a press conference yesterday.
He noted most of ACCCIM members are importers, hence a more stable currency is important for them.
Exporters now can only retain 25% of their export proceeds in foreign currency with the balance 75% to be converted into ringgit, the latest step announced by Bank Negara to enhance liquidity in the forex market.
Meanwhile, the National Chamber of Commerce and Industry of Malaysia (NCCIM) new President Datuk Ter Leong Yap said the association will continue working with Matrade to help its members expand into new markets, such as Africa.
“We’ve been working with Matrade in identifying new markets. With the declining ringgit, our products have become cheaper and expanding new markets will help the government get more income,” he noted.
NCCIM is tasked to promote, foster and protect the interest of all corporations and persons carrying on commerce and industry in Malaysia.
Ter said the association will foster a stronger and more competitive economic environment for the Malaysian business community to thrive domestically and internationally.
NCCIM consists of ACCCIM, Malaysian International Chamber of Commerce and Industry, Malaysian Associated Indian Chamber of Commerce Industry, Malay Chamber of  Commerce Malaysia and Federation of Malaysian Manufacturers (FMM). – By Lee Weng Khuen