Malaysiakini News

Ringgit now one of world’s ‘best-performing’ currencies, says Najib

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Prime Minister Najib Abdul Razak said the ringgit is now one of the best-performing currencies in the world.

“The ringgit crossed the psychological barrier of RM4 (against the US dollar) on Jan 5 this year.

“That means that among the best-performing currencies in the world right now is our ringgit,” he said during his speech at the monthly Prime Minister’s Department meeting in Putrajaya today.

Najib noted he was told that the ringgit’s position was strengthening, not just due to rising global oil prices, but also because of foreign funds and investment coming into Malaysia.

“(That is) because they (investors) are confident of the policies we are implementing here.

“This is the sentiment we can see,” he said.

Najib also pointed to the World Bank’s growth projections for Malaysia in the third quarter of 2017 as proof of the improving economic performance.

The World Bank had raised its 2017 growth estimate for Malaysia’s economy to 5.8 percent in December last year, due to burgeoning domestic demand and an improved labour market.

On Jan 5, it was reported that the ringgit strengthened to its highest level against the US dollar since Aug 2016, to 3.998 to the dollar.

The ringgit has since continued its upward momentum, standing at 3.9010 against the greenback on Jan 25.

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