Positive trade performance helped boost ringgit: Chua
Published on: Saturday, October 10, 2015
Kuala Lumpur: Malaysia's positive trade performance has helped strengthen the ringgit in relation to the US dollar, says Deputy Finance Minister, Datuk Chua Tee Yong.He said the trade surplus for August which rose 163 per cent compared to the same month of last year, had a positive impact on the ringgit, alongside the sentiment in the US that any interest rate hike by the Federal Reserve may be postponed."It also clearly shows that our economy is still strong and the government has succeeded in reducing the dependence on exports and the revenue stream from oil," he added.
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Chua told reporters this after presenting a cheque to recipients of the collection in conjunction with the Bursa Bull Charge run here Friday.Meanwhile, commenting on the Budget 2016, he said the government was considering various factors before tabling it, and among these are the income projection for next year, industry needs, trade competitiveness and avoiding leakages in targeted subsidies.He added that, at the same time, the Budget 2016 was the first under the 11th Malaysia Plan and it was important to make allocations for development."The allocations will mostly be for development as it is vital to have capital building such as infrastructure and connectivity. All these are important to ensure that we continue to grow the economy," Chua said.
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He was optimistic that Malaysia can achieve a fiscal of 3.2 per cent this year based on positive economic data apart from a more stable economy compared to previously."The fiscal consolidation is still ongoing. It is something that is a long-term goal. – Bernama
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