20-2-2024 (KUALA LUMPUR) Malaysian Prime Minister Datuk Seri Anwar Ibrahim has announced that any queries regarding the performance of the ringgit will be addressed by Bank Negara Governor Datuk Abdul Rasheed Abdul Ghaffour. Anwar, who also holds the position of Finance Minister, stated that Abdul Rasheed had assured him of an explanation on the matter.
Speaking briefly to reporters after officiating the 15th International Conference on Islamic Economics and Finance (ICIEF) on Tuesday (Feb 20), Anwar addressed concerns about the ringgit’s performance. Malaysia’s currency had recently reached a 26-year low as emerging Asian currencies faced a decline against the dollar. The Chinese yuan also experienced a slide after China implemented a larger-than-expected cut to its benchmark mortgage rate, although it received support from state bank buying.
The ringgit, in particular, weakened by as much as 0.2%, reaching its lowest level since January 1998. Other currencies, including the South Korean won and the Taiwanese dollar, saw marginal decreases of 0.2% and 0.3%, respectively. The currency fluctuations are part of the broader trend affecting emerging Asian currencies in the current economic landscape.
