{"id":59157,"date":"2023-10-11T14:15:58","date_gmt":"2023-10-11T06:15:58","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=59157"},"modified":"2023-10-11T14:18:03","modified_gmt":"2023-10-11T06:18:03","slug":"malaysia-trading-ringgit","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/malaysia-trading-ringgit","title":{"rendered":"China, Thailand And Indonesia Agree To Trade With Malaysia In Ringgit"},"content":{"rendered":"

Prime Minister Datuk Seri Anwar Ibrahim has revealed that the government is actively asking traditional trading partners to <\/span>accept payment in Malaysian Ringgit<\/span><\/a>, as a move to strengthen the position of the currency.<\/span><\/p>\n

In the parliamentary session yesterday, Anwar stated that thanks to discussions and negotiations that were held during the Asean Summit held in Jakarta, Indonesia recently.<\/span><\/p>\n

\u201cWe want to increase the use of local currency in trading with China… or de-dollarisation. To stop the reliance on the US dollar is difficult, but Malaysia will be more active and aggressive in the use of the ringgit,\u201d Anwar told parliament.<\/span><\/p>\n

Anwar was answering a question from an opposition lawmaker, Datuk Awang Hashim on how effective are the government\u2019s measures to deal with the sliding value of ringgit, which now measures at RM4.73 against U.S Dollar.<\/span><\/p>\n

During the Prime Minister\u2019s Question Time<\/a>, Anwar explained that so far, Indonesia, Thailand and as aforementioned China has agreed to use local currency in their trades with Malaysia.<\/span><\/p>\n

\u201cChina welcomed the suggestion. Approximately 20 to 28 percent of big-scale investments \u2014 billions of ringgit in investments \u2014 they are not using dollars but using ringgit. And this does not affect in terms of the losses or depreciation of the ringgit,\u201d said Anwar.<\/span><\/p>\n

Ringgit slide due to external factors<\/h2>\n

During his time speaking, Anwar also explained that the Ringgit’s depreciation of value is caused by external factors, such as rising U.S interest rates.<\/span><\/p>\n

However, he also offered that the ringgit’s depreciation is not as severe as experienced by Japanese Yen or Thailand Baht.<\/span><\/p>\n

\u201c[South] Korea is more or less the same but Indonesia is better. Indonesia, as emphasised in the last [Parliament] sitting, is more strict in removing subsidies,\u201d he said.<\/span><\/p>\n

In May, the ringgit reached a six month low, which then prompted a response from Malaysia\u2019s central bank, Bank Negara Malaysia (BNM).<\/span><\/p>\n

BNM stated that the steep drop of the ringgit value versus U.S dollar is in line with a larger decline experienced by many regional currencies.<\/span><\/p>\n

Experts have provided some cause for optimism, predicting that the ringgit can hit as high as <\/span>RM4.30 versus the U.S dollar<\/span><\/a> by year\u2019s end.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The prime minister highlighted the government\u2019s measures to deal with the sliding value of ringgit, which now measures at RM4.73 against the U.S Dollar.<\/p>\n","protected":false},"author":51,"featured_media":20868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[323,546,1632],"class_list":["post-59157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-economy","tag-ringgit","tag-trade"],"acf":[],"yoast_head":"\nTrading Partners To Trade With Malaysia In Ringgit<\/title>\n<meta name=\"description\" content=\"Datuk Seri Anwar Ibrahim revealed in parliament that several of Malaysia\u2019s trading partners have agreed to trade with Malaysia using ringgit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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