Increasing use of the ringgit in trade

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Increasing use of the ringgit in trade
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PETALING JAYA: Selangor Ruler Sultan Sharafuddin Idris Shah and Tengku Permaisuri of Selangor Tengku Permaisuri Norashikin conveyed their condolences to the family of former High Court Judge Tan Sri Dr Visu Sinnadurai who passed away on Sunday (Oct 15) at 79.

All smiles: Anwar posing with Sekolah Menengah Kebangsaan Ketari students who were visiting the Parliament yesterday. — Bernama

Meanwhile, about RM10.7bil of trade with Indonesia and RM8.2bil with Thailand were transacted in ringgit and the local currencies of the two nations. Anwar, also the Finance Minister, noted that the US Federal Reserve has hiked interest rates by 525 basis points since early 2022.The US Fed rate hike which strengthened the US dollar had taken a toll on the strength of regional currencies, he said.

He said although about 15% of Malaysia’s trade is with Singapore, the republic is not keen on using the ringgit as the trading currency.“I don’t see Japan and Hong Kong being interested ,” he added.

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