Government not ignoring ringgit's decline, stop comparing with 1998 - PM

KUALA LUMPUR - The Madani government is not ignoring or taking the decline of the ringgit lightly as it is making continuous efforts to address the issue while simultaneously assuring Malaysia's investment figures remain intact, said Prime Minister Datuk Seri Anwar Ibrahim.

He said the central bank has been assigned to monitor the ringgit closely, and on the government's side, relevant ministries and authorities, including the investment council, are conducting daily meetings to tackle the issue.

"It is concerning. But look at the overall investments which are the biggest ever in the country, inflation continues to go down, unemployment is down, and growth (is) sustained compared to our neighbours.

"I think (we should) take a comprehensive view and the country's capacity for growth. What is most important to me is the reassuring investment figures," he told the media after the launch of Tun Razak Exchange as Malaysia's International Financial Centre here today.

Anwar noted that if confidence was reduced because of the ringgit, Malaysia would not have been able to achieve its record-high investment of RM329.5 billion last year, an increase of 23.0 per cent from 2022.

"Why should we look only in terms of the ringgit and compare it to 1998? In 1998, the ringgit fell, investment fell and inflation rose, it's not the same," he said.

At the same time, Anwar said it is important for the government to focus on what can be done and what needs to be done on a daily basis.

"We will continue to monitor the situation every day, including the cost of living and the impact on people's lives," he said. - BERNAMA