Malaysia central bank says structural reforms needed amid weakness in currency
FILE PHOTO: Governor of the Central Bank of Malaysia (Bank Negara Malaysia) Nor Shamsiah Mohd Yunus speaks during a press conference at Kuala Lumpur, Malaysia May 12, 2023. REUTERS/Hasnoor Hussain
KUALA LUMPUR: Malaysia needs structural reforms to strengthen growth prospects and encourage more investment opportunities to boost the ringgit currency, the country's central bank said on Thursday (Jun 8).
"In recent weeks, the ringgit has come under renewed pressure – underscoring the need for more than short-term solutions," central bank governor Nor Shamsiah Mohd Yunus said in a statement.
"This will increase demand for the ringgit and secure a more enduring appreciation in its value over time," she said.
The ringgit has lost 4.8 per cent so far this year, its third consecutive annual decline.
Nor Shamsiah also said inflation remained high even as cost pressures were coming down, partly due to strong demand.
