Work on keeping ringgit strong after exceptional recovery, says think tank

  • 2 days ago
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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Transcript
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.

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