23-2-2024 (KUALA LUMPUR) Malaysia’s Prime Minister Anwar Ibrahim expressed concern over the recent 26-year-low of the ringgit currency this week but urged a comprehensive assessment of the situation. Speaking at the Tun Razak Exchange (TRX) financial centre launch event, Anwar highlighted high investments, decreased inflation, and unemployment rates, emphasizing Malaysia’s sustainable growth compared to neighbouring countries.
“Look at this comprehensive view and the capacity for the country to grow,” Anwar told reporters, adding that the government would continue to monitor the ringgit’s value while leaving any necessary actions to the central bank.
Bank Negara Malaysia Governor Abdul Rasheed Ghaffour attributed the ringgit’s recent performance to external factors and reassured that it did not reflect Malaysia’s positive economic prospects. He stated that with improving exports, recovering tourism, increased investments, and the government’s commitment to structural reform, analysts were anticipating the ringgit to appreciate this year.
In a move to boost the newly launched international financial centre, TRX, Anwar announced incentives for companies relocating their bases to Kuala Lumpur. The incentives include an industrial building allowance, a five-year tax exemption on 70% of statutory income for property developers, and stamp duty exemption on loan and service for a TRX status company.
TRX, spanning 70 acres, aspires to become Malaysia’s premier international financial and business centre.
