KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim said the situation regarding the value of the Malaysian ringgit would improve by the end of the year.
He said he had met with Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour yesterday pertaining to the weakening of the currency and he was told that it is heading towards "more convincing" circumstances based on the latest data.
"With clear policies in the economy and investments, including in the areas of energy transition that we have attracted, this will lead to the strengthening of the currency," he told the Dewan Rakyat during the Prime Minister's Question Time today.
He stressed that the depreciation of ringgit was due to the continuous increase of the United States Federal Reserve's interest rates.
"The value of the Malaysian ringgit is not related to (the current position of our enomic) fundamentals.
"Our country's investments are good, and inflation has come down. Unemployment has been reduced.
"It shows that it (weaking of the ringgit) is not due to our economic policies and positions," he said during the Prime Minister's question time today.
To address the effects of the depreciation of the ringgit, Anwar said the government carried our numerous measures including "de-dollarisation" in international trade.
So far Malaysia has carried out trade using the ringgit with China, Thailand and Indonesia, he said.
He said this when replying to a question from Datuk Awang Hashim (PN-Pendang) on the ringgit's depreciation against the US dollar and its implications, including on the M40 segment, who rely on subisidies such as for fuel to ease their burden in the cost of living.
Anwar said further announcements to ease the burden of the people, including the M40 groups will be made in the 2024 Budget this Friday.