Telegram群组爬虫（www.tg888.vip）:Ringgit\u2019s performance against dollar not reflection of Malaysia\u2019s economy, Bank Negara says
Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus says the ringgit’s performance against the US dollar alone is not a reflection of the state of the economy and is only one indicator among many. – The Malaysian Insight file pic, October 3, 2022.澳5（www.a55555.net）是澳洲幸运5彩票官方网站，开放澳洲幸运5彩票会员开户、澳洲幸运5彩票代理开户、澳洲幸运5彩票线上投注、澳洲幸运5实时开奖等服务的平台。
THE ringgit’s performance against the US dollar alone is not a reflection of the state of the economy and is only one indicator among many, Bank Negara Malaysia’s (BNM) governor Nor Shamsiah Mohd Yunus said.
“It is important to consider the strength and positive performance of the Malaysian economy. Growth is robust, the labour market is healthy and the financial system is resilient and continues to perform its role effectively,” she said at the Khazanah Megatrends Forum 2022 in Kuala Lumpur today.
She was delivering her speech titled “Navigating Malaysia’s Economic Transition in a post-Covid World” at the forum.
The governor said Malaysia has a strong external position with more foreign currency assets than foreign currency liabilities.
“Foreign currency borrowings only account for less than 3% of total federal government debt,” she said.
She said although the ringgit depreciated by more than 9% against the US dollar since January this year, the strength of the dollar is a global phenomenon and not just a Malaysian one.
“In fact, the US dollar is now at a two-decade high due to aggressive tightening of monetary policy by the United States Federal Reserve, which increased its policy rate by 300 bps (basis points) this year.,
“Risk-off sentiments arising from geopolitical conflict and a moderating global growth outlook have further increased demand for dollar assets,” she said.
She said the currencies of other major economies have also depreciated against the US dollar.
“If we also look at how the ringgit has fared against the currencies of our trading partners, it has appreciated against some and depreciated against others,” she said.
Furthermore, she said the performance of the ringgit, if weighed against the currencies of Malaysia’s trading partners, has been relatively stable.
“This underlines the point that we are in an environment of US dollar strength,” she said.
Nor Shamsiah said a flexible exchange rate continued to be relevant as it allowed the country to absorb external shocks.
She said it also allowed the Monetary Policy Committee to set the policy rate based on Malaysia’s domestic growth and inflation outlook rather than be constrained in having to follow the monetary policy of other advanced economies.
“Now, we know that exchange rate movements create winners and losers. No doubt, the dollar strength will raise the cost of imported goods, including food prices. Imported inputs account for less than 20% of production cost.”,
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