KUALA LUMPUR: Malaysia's commodities such as palm oil and rubber can help boost the weak ringgit through the repatriation of export earnings, said Plantations and Commodities Minister Datuk Seri Johari Abdul Ghani.
Speaking at Bernama TV Ruang Bicara on "Empowering Agricultural Commodities In Facing Global Challenges" tonight, Johari said the overall commodities contribute between RM160 billion and RM200 billion in export receipts or more than five per cent to the country's gross domestic product.
Undoubtedly, commodities such as palm oil and rubber play an important role in providing the country with foreign exchange, he added.
"Our commodity exports are paid in the US dollar. Given our current exchange rate position, if we can bring back the greenback each time we export, it will help cushion the impact on our weak ringgit," added Johari.
Last week, the ringgit touched 4.800 against the dollar, the weakest level since the Asian financial crisis in 1998.
The ringgit edged down to 4.76 against the greenback from Tuesday's close of 4.75.
Yesterday, Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour said the central bank had stepped up engagements with GLICs, GLCs, corporations and investors to encourage continuous inflows into the foreign exchange market.