BNM assistant governor Adnan Zaylani says structural reforms and fiscal consolidation efforts by the government are supporting factors for the ringgit. – The Malaysian Insight file pic, June 27, 2023.
“The ringgit continues to be affected by global developments, but Malaysia’s expected economic growth in the range of 4-5%, structural reforms and fiscal consolidation efforts by the government are supporting factors for the ringgit,” said Adnan. Meanwhile, Financial Markets Association of Malaysia president Chu Kok Wei said financial markets in Malaysia continue to operate in an orderly manner and remain conducive to carrying out clients’ needs.
A recent forecast by analysts and economists continues to point to broad-based recovery against the US dollar by the end of the year, at an average of 4.56 versus the dollar in the third quarter and 4.5 in the fourth quarter. The FMC viewed recent movements in the ringgit exchange rate to be excessive considering the following factors:
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