By South China Morning Post | Created at 2024-09-25 09:24:03 | Updated at 2024-09-30 15:38:55
5 days ago
The recent rise in Malaysia’s currency, the ringgit, has sparked mixed reactions among Malaysians, with some celebrating the currency’s recovery after nearing historic lows, while others are concerned about the diminishing purchasing power of their income.
The ringgit is on track for its best quarter since 1973, having appreciated more than 12 per cent against the US dollar, making it the best-performing emerging market currency, according to a Bloomberg report.
Trading at 4.12 ringgit to the US dollar on Wednesday afternoon, it has already surpassed economists’ expectations of closing the year at 4.43.
For Malaysians, the exchange rate of the ringgit against the US dollar, as well as regional currencies like the Singapore dollar, and the Thai baht serves as an indicator for how well the economy is doing and reflects confidence in the government.
Supporters of Prime Minister Anwar Ibrahim see this as evidence of his financial acumen which is pivoting from relative political stability after years of turmoil.
