KUALA LUMPUR: Most Malay-sians welcome a strong currency as it reflects the country's strong economic fundamentals and a robust recovery, Prime Minister Datuk Seri Najib Tun Razak told international financiers here yesterday.
“It is a movement in a positive sense. Generally, it is good for us,” Najib said during a question-and-answer session with delegates of the Official Monetary and Financial Institutions Forum (OMFIF) inaugural meeting in Asia.
At the meeting themed “Asia's Role in the World Economy - the New Global Financial and Economic Order,” he was asked to comment on the ringgit's strong performance especially against the US dollar, pound and euro.
Najib, who is also Finance Minister, said a strong currency also reflected the fact that Malaysian exports had been doing very well.
The economy recorded 10.1% growth in the first quarter of this year, which was the highest quarterly growth in a decade.
The ringgit is Asia's best-performing currency this year, as foreign money has poured into domestic capital markets due to a combination of strong economic growth and rising interest rates.
Year-to-date, the ringgit has appreciated by about 6% against the US dollar, 19% against the euro and 16% compared with the pound.
In his address earlier, Najib also said the challenges that arose from the international financial crisis presented an opportunity for Asia and the West to work together to find solutions that benefited all.
“Malaysia's unfolding economic story is a part of what is taking place in Asia. While Asia is indeed diverse, we are bound together by the common desire to transform and uplift our economies individually, which in turn will reinforce the region's economic and financial integration in the New World Order,” he added.
“We are looking beyond Asean. We are also looking at how to get the United States and Russia on board. We want a stronger bridge in Europe and believe in open integration,” he added.
Najib, who briefed the delegates on the 1Malaysia concept, New Economic Model and Government Transformation Programme, said people were seeking effective governance where economic growth was inclusive and beneficial for all.
“It is a movement in a positive sense. Generally, it is good for us,” Najib said during a question-and-answer session with delegates of the Official Monetary and Financial Institutions Forum (OMFIF) inaugural meeting in Asia.
At the meeting themed “Asia's Role in the World Economy - the New Global Financial and Economic Order,” he was asked to comment on the ringgit's strong performance especially against the US dollar, pound and euro.
Najib, who is also Finance Minister, said a strong currency also reflected the fact that Malaysian exports had been doing very well.
The economy recorded 10.1% growth in the first quarter of this year, which was the highest quarterly growth in a decade.
The ringgit is Asia's best-performing currency this year, as foreign money has poured into domestic capital markets due to a combination of strong economic growth and rising interest rates.
Year-to-date, the ringgit has appreciated by about 6% against the US dollar, 19% against the euro and 16% compared with the pound.
In his address earlier, Najib also said the challenges that arose from the international financial crisis presented an opportunity for Asia and the West to work together to find solutions that benefited all.
“Malaysia's unfolding economic story is a part of what is taking place in Asia. While Asia is indeed diverse, we are bound together by the common desire to transform and uplift our economies individually, which in turn will reinforce the region's economic and financial integration in the New World Order,” he added.
“We are looking beyond Asean. We are also looking at how to get the United States and Russia on board. We want a stronger bridge in Europe and believe in open integration,” he added.
Najib, who briefed the delegates on the 1Malaysia concept, New Economic Model and Government Transformation Programme, said people were seeking effective governance where economic growth was inclusive and beneficial for all.
On how to survive the economic crisis, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said Asia's resilience, including Malaysia's, was a result of a decade of reform.
