IPOH: The ringgit is expected to appreciate to RM3.80 per US$1 soon, thanks to efficient management of the economy.
The ringgit today stood RM3.90 against the greenback.
Prime Minister Datuk Seri Najib Razak, in his speech to civil servants on the 2018 Budget, today, said the matter was also based on global sentiment over Malaysia's economic strength and resilience.
"Yesterday, from RM3.89 we hovered to RM3.90. Insyaallah (God-willing), the value will become RM3.80 soon.
"Our currency's performance is among the best in the world," Najib said.
In terms of global recognition, Najib said Malaysia's performance had been rated as ‘A-‘ compared to Italy and Russia, both of which had been ranked t ‘B’ by international credit rating bodies.
Najib also said that Malaysia's performance had effectively nullified claims by the opposition that the country was on the verge of bankruptcy.
"We are still in group A. Italy is B, and Greece is worse. Even Russia is B. If they (the opposition) want to say that we are going bankrupt, does it make sense for the ones from group ‘A’ to be bankrupt first, compared to the ones in the lower rung. Insyaallah, we will not be bankrupt."
Najib also reiterated that during the Asian financial crisis, Malaysia's reserves dropped to US$20 billion, but the country was not teetering on bankrupty.
"Now, our reserves are US$103 billion. Can you say we’re bankrupt?"
Najib, who is also finance minister, said not many country could achieve Malaysia's level of resilience, as seen in its economic growth at 5.9 percent last year.
"Let me ask you, how many countries in the world have managed to achieve such a feat? Moody's Investors Service and Fitch Ratings, they did not visit this country as tourists. They came here and opened our books, they went to the Finance Ministry and Bank Negara Malaysia (among others).
"They look at the numbers and prospects. They say our outlook is stable and positive. They say we are prudent and responsible, instead of increasing our debts.
"Our debts in terms of gross domestic product was reduced from 54 per cent to 50.8 per cent. Insyaallah our fiscal deficit will be minus 2.8 per cent." -- Reporting by Jalal Ali Mohd Abdul Rahim, Shamsul Kamal Amaruddin and Syed Umar Ariff