KUALA LUMPUR, October 7 – Prime Minister Datuk Seri Anwar Ibrahim stated that despite the ringgit’s recent rise, it remains undervalued at RM4.10 to the US dollar. While noting that the currency used to be stronger, he emphasized that allowing the ringgit to strengthen gradually without government intervention reflects growing public confidence in Malaysia’s economic policies and reforms.
Although some concerns from exporters are expected due to the stronger currency, Anwar, who is also the Finance Minister, believes the impact will be minimal since the ringgit is still undervalued. He added that Malaysia benefits significantly from being a trading nation, importing large amounts of goods from overseas. Analysts are optimistic, with some predicting the ringgit could reach RM3.55 by the end of 2024.
