Bank Negara Malaysia believes that the current level of the ringgit does not reflect the positive prospects of the Malaysian economy going forward, said its governor, Datuk Abdul Rasheed Ghaffour. He said the recent performance of the ringgit, similar to other regional currencies, has been influenced by external factors.
“Some of these factors include market adjustment to changing US interest rate expectations, geopolitical concerns and uncertainty surrounding China’s economic prospects,” he said in a statement today. Abdul Rasheed stressed that growth in 2024 will be driven by the improvement in external demand and strong domestic spending, and the latest IMF forecast is for global trade to improve from 0.4 per cent in 2023 to 3.3 per cent in 2024. “For Malaysia, exports have shown steady improvements since the fourth quarter of 2023. In fact, the recently released January 2024 exports have turned positive (+8.7 per cent),” he sai
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