Bank Negara to find ways to strengthen ringgit, says Ahmad Maslan

PETALING JAYA: Bank Negara will search for “remedies” to strengthen the ringgit, says Deputy Finance Minister Datuk Seri Ahmad Maslan.

In a Star Online report, Ahmad Maslan said it will be up to the central bank to find ways to bounce the ringgit back up, further expressing confidence that it will find a solution soon.

“I leave it to Bank Negara’s wisdom and good judgment as they are the experts and have better knowledge to handle such matters,” he told reporters after launching the country’s Sustainable Investing Standards document, today (May 26)..

He also hoped the ringgit’s current position at RM4.64 against US$1 would not persist.

Ahmad on the other hand was reported to have said that the weakening of the ringgit had some advantages.

“This includes pushing the export and tourism sectors, particularly encouraging the arrival of foreign tourists.

“However, there are concerns that the import sector will be affected and more expensive.

“This may also cause inflation and burden our students who are pursuing education overseas,” he added.

The ringgit is under continuous pressure due to the United States’ uncertain debt ceiling talks as it decides on whether or not to raise its US$31.4 trillion (RM145.33 trillion) debt ceiling before the June 1 deadline.