KUALA LUMPUR – Bank Negara Malaysia (BNM) representatives will be at the cabinet meeting this afternoon to discuss the falling ringgit, Deputy Finance Minister Datuk Seri Ahmad Maslan said.
The government and the central bank will discuss strategies to address the currency’s decline, which yesterday hit a six-month low at 4.6257 to the US dollar.
Free Malaysia Today quoted Ahmad as saying in Putrajaya today that he would raise the depreciating ringgit at the cabinet meeting this afternoon.
The government will also leave strategies to address the matter to BNM, added Ahmad after launching an event earlier today.
The deputy minister also said the drop in the ringgit’s value was due to the stalemate in the United States over raising its debt ceiling, explaining that until a new debt ceiling is approved, investors will want to “hold on” to the dollar, causing demand for it to strengthen.
Yesterday evening, the ringgit closed at 4.6245/6285 against the US dollar and opened this morning at 4.6280/6305. – The Vibes, May 26, 2023
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