Work on keeping ringgit strong after exceptional recovery, says think tank
Centre for Market Education warns an excess of money supply may trigger excessive consumer spending and weak investments.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/10/04/work-on-keeping-ringgit-strong-after-exceptional-recovery-says-think-tank/
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Read More: https://www.freemalaysiatoday.com/category/nation/2024/10/04/work-on-keeping-ringgit-strong-after-exceptional-recovery-says-think-tank/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00The Ringgit's extraordinary recovery over the past few weeks warrants budgetary measures
00:06to preserve the currency's strength, according to the Center for Market Education.
00:11CME said the government should announce a holistic tax reform and restructuring in the
00:16upcoming budget to help consolidate the Ringgit's position.
00:20The think tank proposed to reduce the income tax slightly, as well as introduce a multi-tier
00:25goods and services tax and a simplified fiscal scheme for micro-businesses.
00:30CME also said the political stability in Malaysia helped boost the positive trend.
00:36Earlier this week, FMT reported that the Ringgit has become the world's best-performing currency
00:40against the U.S. dollar.
00:43Data from Bloomberg showed the Ringgit had appreciated 14.35% against the U.S. dollar
00:48over the last three months, beating gold into second place.
00:52MUFG Bank Senior Analyst Lloyd Chan attributed the Ringgit's bullish recovery to Malaysia's
00:57economic growth and the U.S. Federal Reserve's ongoing interest rate-easing cycle.