Kuala Lumpur (VNA) – Malaysia is notexperiencing an economic crisis just because the ringgit is trading at a lowlevel against the USD, the country's Finance Minister Tengku Datuk Seri Zafrul Tengku AbdulAziz has affirmed.
While the ringgit has depreciated by 7.5% against the USDsince the beginning of 2022, many currencies in the region and developedcountries have also fallen against the greenback.
For example, the Japanese yen has slid 19.2%, the lowest in24 years; the pound sterling has dropped 14.4%, the lowest in 37 years;and the euro has weakened by 11.7%, the lowest in 20 years, Tengku Zafrul wasquoted by local media.
The ringgit has strengthened compared with the currencies ofMalaysia's other trading partners, he noted.
Among others, the ringgit has risen by 14.2% against theJapanese yen, 8.2 % versus the pound sterling, 4.5% vis-a-vis the euro, 3.9% compared with the New Zealand dollar, and 7.2% against the Republic ofKorea’s won.
Tengku Zafrul said that the country's unemployment rate of3.7% in July 2022, the lowest since the COVID-19 pandemic hit the country, isfurther proof that the country is not experiencing an economic crisis.
He also pointed to the Industrial Production Index whichrose by 12.5% year-on-year in July 2022, and the sales value of the wholesaleand retail trade which surged 41% to 130.7 billion RM in the same month.
He added that net foreign investment in the local stockmarket has amounted to more than 8 billion RM and net retail investment hasreached 1.8 billion RM year-to-date.
The country's inflation rate is also manageable at 2.8% forthe first seven months of 2022 due to price control measures, particularlythrough the provision of subsidies of almost 80 billion RM this year.
So, it makes no sense for some to say, despite thesepositive indicators, that Indonesia is in an economic crisis, Tengku Zafrulsaid./.
While the ringgit has depreciated by 7.5% against the USDsince the beginning of 2022, many currencies in the region and developedcountries have also fallen against the greenback.
For example, the Japanese yen has slid 19.2%, the lowest in24 years; the pound sterling has dropped 14.4%, the lowest in 37 years;and the euro has weakened by 11.7%, the lowest in 20 years, Tengku Zafrul wasquoted by local media.
The ringgit has strengthened compared with the currencies ofMalaysia's other trading partners, he noted.
Among others, the ringgit has risen by 14.2% against theJapanese yen, 8.2 % versus the pound sterling, 4.5% vis-a-vis the euro, 3.9% compared with the New Zealand dollar, and 7.2% against the Republic ofKorea’s won.
Tengku Zafrul said that the country's unemployment rate of3.7% in July 2022, the lowest since the COVID-19 pandemic hit the country, isfurther proof that the country is not experiencing an economic crisis.
He also pointed to the Industrial Production Index whichrose by 12.5% year-on-year in July 2022, and the sales value of the wholesaleand retail trade which surged 41% to 130.7 billion RM in the same month.
He added that net foreign investment in the local stockmarket has amounted to more than 8 billion RM and net retail investment hasreached 1.8 billion RM year-to-date.
The country's inflation rate is also manageable at 2.8% forthe first seven months of 2022 due to price control measures, particularlythrough the provision of subsidies of almost 80 billion RM this year.
So, it makes no sense for some to say, despite thesepositive indicators, that Indonesia is in an economic crisis, Tengku Zafrulsaid./.
VNA
