Finance Minister Tengku Zafrul Tengku Abdul Aziz says the low ringgit against the US dollar has a positive effect on the country’s export revenue. – The Malaysian Insight file pic, September 13, 2022.
“While the ringgit has depreciated by 7.5% against the US dollar since the beginning of 2022, many currencies in the region and developed countries have also fallen against the greenback. The ringgit has strengthened compared with the currencies of Malaysia’s other trading partners, he noted. “So do not look at just one aspect. Ask Malaysian exporters, they are all happy as their exported products have become more competitive,” he said.
Tengku Zafrul said that the country’s unemployment rate of 3.7% in July 2022, the lowest since the Covid-19 pandemic hit the country, is further proof that the country is not experiencing an economic crisis. Tengku Zafrul also noted that the country’s exports increased by 38% y-o-y to RM134.1 billion in July.
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