THE government views the current decline in the value of the ringgit against the US dollar as only temporary, Communications and Multimedia Minister Annuar Musa said.

He said that in fact, it was a global issue faced by many countries, and that Bank Negara Malaysia’s Monetary Policy Committee was already looking into the matter.

“We know the value of the ringgit is relative to several currencies. It has gone up, and down as well (against the respective currencies). But of course, it is most notably compared to the US dollar.

“During the period (when the ringgit is weaker than the US dollar) there are positives and there are negatives. The positive thing is that exported goods will fetch a higher value, but we are an importing country, so we have to pay more because the payment is made in US dollar,” he said during a press conference after the distribution of PerantiSiswa Keluarga Malaysia devices at the Kok Lanas Matriculation College in Kota Baru today.

Annuar, who is also chairman of the Special Task Force on Jihad against Inflation, said in order to strengthen the country’s economic base, the manufacturing and domestic tourism sectors need to show higher demand, besides having more substitutes for imports.

“We are advised to buy Malaysian goods, and I believe all this will be seen through the Finance Ministry’s fiscal policy,” he said. – Bernama, September 18, 2022.