KUALA LUMPUR – The ringgit is expected to continue to strengthen based on the latest trend, said Datuk Seri Ahmad Maslan.
Speaking on Agenda AWANI: The Ringgit Story and the People’s Pockets broadcast last night, the deputy finance minister said the ringgit is hovering at a relatively good range of RM4.53-M4.63 this week against the US dollar.
He said the benchmark FTSE Bursa Malaysia KLCI also rose from the 1,380-level earlier this month to 1,406 points on Monday, suggesting that the Malaysian economy is heading in the right direction with its strong fundamentals.
“Contributing to the rise is a reduction in the fiscal deficit, currently at 5.6% of the GDP. The government is working to reduce it to 5% of the GDP.
“It is paying its debts at a rate not exceeding 15 % of its national revenue,” he said.
“The government is determined to continue spending to benefit the people. Budget 2023 of RM388.1 billion is the largest in the country’s history. A total of RM289 billion from the budget was allocated for operating expenses and RM99 billion for development.
“As of June, 49% of the development budget was used. The prime minister wants to raise this to 60% by August. I am confident that this target can be achieved,” he said. – Bernama, July 19, 2023
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