KUALA LUMPUR, Sept 13 — Malaysia is not experiencing an economic crisis just because the ringgit is trading at a low level against the United States dollar, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
“For example, the Japanese yen has slid 19.2 per cent, the lowest in 24 years; the pound sterling has dropped 14.4 per cent, the lowest in 37 years; and the euro has weakened by 11.7 per cent, the lowest in 20 years,” Tengku Zafrul said in a video posted on his social media page. Among others, the ringgit has risen by 14.2 per cent against the Japanese yen, 8.2 per cent versus the pound sterling, 4.5 per cent vis-a-vis the euro, 3.9 per cent compared with the New Zealand dollar, and 7.2 per cent against the South Korean won.
Additionally, economic fundamentals that have continued to strengthen are important in determining the robustness of the ringgit, the minister said. He also pointed to the Industrial Production Index which rose by 12.5 per cent year-on-year in July 2022, and the sales value of the wholesale and retail trade which surged 41 per cent to RM130.7 billion in the same month.