Devaluation of ringgit is only temporary – Minister Annuar

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KETEREH, KELANTAN: The government regards the devaluation of the ringgit (RM) compared to the US dollar lately is only temporary.

Chairman of Special Jihad Team Against Inflation, Tan Sri Annuar Musa said, the Bank Negara Monetary Policy Committee is adjusting on that matter.

“There is a positive and negative aspect on this. The positive side is we can get a higher value as our trade is mostly using the American dollar.

“At the same time we are also an importing country. The cost of imports will increase higher because we have to pay in dollar. Most importantly the basis of our economy continues to be strong,” said Annuar after officiating the PerantiSiswa Keluarga Malaysia Distribution event in Kolej Matrikulasi Kok Lanas, here 18th Sept.(Sunday) as reported by Berita RTM.

According to Annuar what is needed most is to increase productivity and to multiply the replacement goods of imports.

Anuar added, the government has already reduced the Overnight Policy Rate (OPR) following the slow economic growth and now it needs to be increased to enable Malaysia to compete with other countries when the economy is opened.

Annuar added, if OPR has not been increased, the value of RM will continue to drop.-Malaysia World News


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