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Ringgit strengthens to RM4.19 against USD, government cites economic progress [WATCH]

PUTRAJAYA: The Malaysian ringgit, which hit at RM4.19 against the US Dollar today, is a testament that the government is on the right track to improve the country's economy.

Government spokesman Fahmi Fadzil said Malaysia is also seeing more investments and trade and has managed to reduce the country's debt.

"Today, the ringgit has reached 4.19 against the US dollar. This proves that the unity government, in a short period of time, has successfully shifted global perceptions of our economic fundamentals after we launched the Madani economic framework, New Industrial Masterplan, and National Energy Transition Roadmap last year.

"In this short period, we have witnessed a significant change. The ringgit has strengthened much earlier than expected.

"Finance Minister II Datuk Seri Amir Hamzah Azizan said Malaysia was anticipating the ringgit to strengthen by the end of the year, but alhamdulillah, we have achieved this before the end of September," he said in his speech at the Communications Ministry's monthly assembly here today.

He added that Malaysia is also seeing improvements every quarter compared to last year in terms of investment and trade.

Fahmi said the world is focusing on the semiconductor sector, in which Malaysia would become one of the most important hubs in the region for producing semiconductors and exporting them globally.

"At the same time, we also see, as announced by the Prime Minister in Parliament last July, that the government's debt has decreased. Our deficit to GDP has also reduced. Inflation remains at 2 per cent.

"We also see increased workforce participation and unemployment figures. The numbers have improved, and unemployment remains low. This proves that we are on the right track," he added.

The ringgit has rebounded from the year's lowest point of RM4.79.

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