KUALA LUMPUR, May 16 (Bernama) -- Positive macroeconomic prospects and the ongoing implementation of structural reforms will provide medium-term support for the ringgit, said Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour.
He noted that external factors would continue to influence the ringgit’s exchange rate.
“Notwithstanding, Malaysia’s positive macroeconomic prospects outlook, supported by the ongoing implementation of structural reforms, will provide medium-term support for the ringgit.
“BNM remains committed to ensuring the orderly functioning of the domestic foreign exchange market,” he said when announcing the first-quarter (1Q) 2025 gross domestic product (GDP) performance here, today.
In 1Q 2025, the ringgit remained broadly stable. The nominal effective exchange rate (NEER), which measures against currencies of Malaysia’s major trade partners, recorded a marginal increase of 0.01 per cent.
Abdul Rasheed said the ringgit also appreciated by 0.8 per cent against the US dollar, primarily due to the greenback’s weakening amid growing uncertainties over US trade policy which resulted in increased expectations of a more subdued US economic growth outlook.
At 8 am, the local note rose to 4.2705/2920 versus the US dollar from Thursday’s close of 4.2795/2870.
-- BERNAMA
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