Govt, BNM to continue efforts to strengthen the ringgit, says Anwar

KUALA LUMPUR: The Government and Bank Negara Malaysia (BNM) have reaffirmed their commitment to engage with corporate stakeholders to encourage the inflow of funds into the foreign exchange market.

Prime Minister Datuk Seri Anwar Ibrahim said the Governor of Bank Negara Malaysia (BNM) had delivered promising news regarding the performance of the ringgit against the US dollar.

"Through coordinated efforts between the government, BNM, government-linked investment companies (GLICs), and government-linked companies (GLCs), the ringgit has shown steady improvement.

Projections from the Federal Reserve of the United States suggest controlled US inflation rates and the gradual normalisation of US monetary policy, which bodes well for curbing the rise of the US dollar," he said.

"As Malaysia charts its course for economic revival, collaboration between government entities, financial institutions, and businesses will be paramount.

With a renewed focus on structural reforms, enhanced income guarantees, and currency stability, Malaysia is poised to navigate the challenges ahead and emerge stronger on the global stage," he said at the National Economic Action Council (MTEN) Second Meeting for 2024 here today.

The meeting focuses on pivotal strategies to boost investor confidence and drive growth.

Among the key agenda discussed include the comprehensive proposal for the 'New Deal For Business' (NDFB), aimed at enhancing productivity, competitiveness, and overall economic resilience.

"The NDFB, a brainchild of government policymakers, seeks to streamline business operations through process and procedure efficiencies and structural reforms.

"By addressing bureaucratic hurdles and fostering a conducive business environment, the government aims to catalyse investment and stimulate economic activity," he said.

Anwar said Pemudah, the agency tasked with overseeing business initiatives, will play a pivotal role in monitoring the implementation of NDFB initiatives to ensure accountability and progress.

"Discussions at the MTEN meeting centred on the 'Enhancement of the Old Age Income Guarantee Framework in Malaysia'," he said.

Amidst growing concerns over aging issues and their impacts, policymakers deliberated on measures to strengthen the country's old age income guarantees.

"Recognising the need for a more holistic approach, the council resolved to conduct a comprehensive study to enhance the existing framework, providing greater support for retirees," he said.

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