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BUSINESS

Govt to continue efforts to improve foreign investor sentiment -- Tengku Zafrul

04/10/2022 01:51 PM

KUALA LUMPUR, Oct 4 (Bernama) -- The government will continue to intensify efforts to improve foreign investor sentiment towards Malaysia by implementing policies that can boost Malaysia’s attraction as an exciting investment destination.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government will give more focus on encouraging investments into emerging industries as well as implementing the National Investment Aspirations framework to attract high-quality investments.

“External corporate credit risks remain manageable,” he said in the Dewan Rakyat today in reply to Wong Hon Wai (DAP-Bukit Bendera) who asked what measures are taken by the government via Bank Negara Malaysia (BNM) to handle foreign exchange risks.

Tengku Zafrul said there is no easy or quick fix for the ringgit’s weakness against the US dollar.

“However, BNM uses operational policy instruments to ensure an orderly foreign exchange (forex) market,” he added.

He said that while BNM does not target any exchange rate level, the central bank strives to prevent drastic or extreme changes in the ringgit’s value in order to help businesses plan and implement business decisions and investments better.

BNM ensures that banking institutions and corporations in Malaysia take prudent measures in dealing with forex risks and safeguarding the ringgit from speculative activities, Tengku Zafrul said.

“This can reduce the risk of excessive changes in the ringgit’s rate,” he added.

In addition, he said the central bank implements various initiatives to increase access and attract foreign investors to the bond market, including improving the secondary bond market liquidity as well as strengthening the structure and liquidity of the forex market.

“Daily onshore forex transaction volume has continued to rise to reach an average of US$13.3 billion to date, compared to US$11.3 billion in 2021, amid two-way flows,” he said.

-- BERNAMA

 

 

 

 


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