Quotes For You

  Source: xe.com The Malaysian ringgit has experienced significant volatility against the US dollar in recent times, reflecting broader global economic trends and domestic factors.  As of late 2024, the ringgit has been under pressure, trading at one of its weaker levels compared to previous years.  Several factors have contributed to this trend, ranging from global macroeconomic conditions to specific challenges within Malaysia. Globally, the US dollar has remained strong due to the Federal Reserve’s continued policy of high interest rates to combat inflation.  This has attracted more foreign investment into the US, leading to a higher demand for the dollar and thus, weakening other currencies like the ringgit.  Moreover, geopolitical tensions and global economic uncertainty, particularly involving key trade partners like China, have contributed to the flight of capital towards safer assets denominated in US dollars. Domestically, Malaysia faces several challen...

  Illustrative image: Peggy Anke / Pexels Today, the ringgit reached an exchange rate of RM4.14 against the US dollar, reflecting the strengthening economy of the country and the recent decrease in interest rates in the United States. This encouraging development indicates a positive trend in the nation's economy, closely linked to the effectiveness of the economic policies implemented by the Madani Government under the leadership of Prime Minister and Minister of Finance I, Datuk Seri Anwar Ibrahim. The Madani Government has outlined various strategies to strengthen the national economy, including enhancing competitiveness and credit ratings. These efforts not only instill confidence in foreign investors but also boost the trust of the public in the stability of the country’s economy. With a more prudent fiscal policy and an emphasis on innovation, the ringgit is seen as capable of solidifying its relative position against major global currencies. Another important factor is the i...

  Idzham Mohd Hashim Iskandar Investment Berhad (IIB) views the establishment of the Forest City Special Financial Zone (SFZ) as a landmark development that will significantly boost Johor’s economy.  The SFZ’s introduction comes at a crucial time, when the state is poised to capitalise on its strategic location and growing infrastructure, cementing its role as a vital financial and economic hub in Southeast Asia. President/Chief Executive Officer of IIB, Datuk Idzham Mohd Hashim expressed his enthusiasm about the upcoming Johor’s SFZ and its potential to propel the region’s growth and strengthen its connection with Singapore. “We are incredibly excited about the launch of the Forest City SFZ, which is set to attract high-value investments through enticing incentives like a concessionary corporate tax rate of 0% to 5%, a flat 15% income tax rate for knowledge workers, and fast-tracked immigration processes.  "We anticipate that these benefits will make Johor a highly appea...

Illustrative image: Anna Tarazevich / Pexels Edelman Malaysia unveils the 2024 Edelman Trust Barometer findings, revealing Malaysia's ascent into the top echelons of global trust rankings despite ongoing economic challenges.  The report, conducted from November 3rd to 22nd, 2023, surveyed over 32,000 respondents across 28 countries, including more than 1,000 from Malaysia, providing a robust snapshot of public sentiment on trust, innovation, and governance. Malaysia has experienced a significant trust renaissance, with an overall Trust Index Score of 68—a notable 6-point increase from 2023.  This places Malaysia among the top 10 most trusting nations out of the 28 surveyed globally.  The surge in trust reflects growing confidence in the stability and democratic governance under the new unity government led by Prime Minister Datuk Seri Anwar Ibrahim; the government has seen a remarkable 13-point increase in public trust since last year.  "Malaysia's rise i...

Photo: Karolina Grabowska / Pexels Economic recessions can bring about significant financial strain, job insecurity, and uncertainty.  Navigating these challenging times requires a combination of prudent financial management, strategic planning, and adaptability.  Here are some essential tips to help you survive and even thrive during an economic downturn. 1. Build and maintain an emergency fund One of the most critical steps in preparing for economic hardship is having a robust emergency fund.  Ideally, aim to save three to six months' worth of living expenses.  This fund acts as a financial safety net, allowing you to cover essential costs without going into debt if you experience a job loss or unexpected expenses. 2. Cut unnecessary expenses Review your budget to identify and eliminate non-essential expenses.  Focus on prioritizing needs over wants.  Cancel unused subscriptions, dine out less frequently, and look for cheaper alternatives for ...

  Photo: Lim Kit Siang Facebook Is it possible for the Anwar Unity Government to make a breakthrough in the six state general elections in August? I think that this is not only feasible but the likely result although political parties in the Anwar unity government must not take things for granted or fall between two stools — over-optimism of victory in Penang, Selangor, and Negeri Sembilan and over-pessimism of defeat in Kelantan, Terengganu, and Kedah. One objective of the Anwar unity government is to demonstrate that the so-called “green wave” in the 15th parliamentary elections was a misnomer, that it was built on lies, falsehoods, andfake news on the social media, like the wild and preposterous allegations which the PAS President, Hadi Awang,had made against DAP and me but was unable to substantiate for six long months. This is the time for a war of nerves, for political coalitions like the Perikatan Nasional (PN) to behave as if they are stronger than before, and that an irres...

2023 Edelman Trust Barometer: Malaysians Demand Collaboration between Core Institutions to Avoid Further Economic Polarisation ·  Malaysia saw a dip in trust levels across all four pillars but remains within trusted territory. ·  NGOs and Businesses are viewed as trusted while Government and Media are in neutral territory. ·  Malaysians demand consensus and collaboration between Businesses and Governments to restore economic optimism.   May 11, 2023, KUALA LUMPUR   – Edelman Malaysia today released the findings of their annual Trust Barometer, highlighting an overall decline in trust amongst Government, Businesses, NGOs, and Media. Despite this decrease, Malaysia remains among the top 10 nations globally within trusted territory.   Malaysians' Trust in Institutions According to the 2023 Edelman Trust Barometer, Malaysia's Trust Index Score has decreased by three points from its 2022 score, averaging at 62 points. As a result, Malaysia dropped three places f...

  Press statement by MCA Deputy Treasurer General Datuk IR Lawrence Low Government Urged to Implement Countermeasures to Revive Malaysian Ringgit and Foster Economic Growth In response to the declining exchange rate of the Malaysian Ringgit against the US Dollar and the Singapore Dollar, MCA Treasurer Deputy: Datuk IR Lawrence Low calls on the government to take immediate action to revive the Ringgit and stimulate economic growth. “The continuous weakening of the Ringgit has created significant challenges for businesses, leading to a loss of competitiveness in the global market. This, in turn, puts pressure on the cost of living for the people, impacting their purchasing power and overall well-being", said Low. Recognizing the far-reaching consequences of a prolonged weak currency on economic growth, Low emphasizes the need for proactive countermeasures. To address this, he proposes a range of strategies: (1) Short-term Strategy: Allow Enterprises to Store Foreign Currency Enablin...

  Press statement by MCA Economic Consultative Committee Chairman Tan Tuan Peng As shown by recent reports of the Ringgit’s downwards trend and the continued inflation of the prices of goods, many Malaysians are no doubt in dire straits, especially those from the bottom and middle-income category. In fact, the hope and optimism of the masses that the new Unity Government would strengthen the economy, have only grown dimmer each day.   The change of the government gave the people a ray of hope, especially towards the newly appointed Prime Minister, Dato’ Seri Anwar Ibrahim. However, the Cabinet as a whole and its Deputies have not been able to produce substantial positive change for the Rakyat’s daily life. Therefore, I urge the Cabinet to review the current situation and swiftly implement concrete plans that can help strengthen Malaysia’s economy and lift up the people from the current economic predicament. As we have seen previously, even with Bank Negara’s decision to r...

Malaysia’s GDP growth is projected to be between -2.0% and +0.5% in 2020, affected by weak global demand, supply chain disruptions and COVID-19 containment measures both abroad and domestic. While the Movement Control Order and measures to promote social distancing will dampen economic activity temporarily, they are necessary to contain the spread of the virus. The Government’s stimulus package will help to cushion the economic fallout. Both Pakej Rangsangan Ekonomi 2020 and Pakej Rangsangan Ekonomi Prihatin Rakyat as well as the Bank’s financial measures will provide sizable support to households and businesses. These measures are expected to add 2.8 percentage points to 2020 GDP growth. Also supporting growth is the ongoing large-scale infrastructure projects, which are expected to provide an additional 1 percentage point lift to growth in 2020. There remain significant uncertainties surrounding the growth outlook, with both upside and downside risks to the outlook. ...

SPEECH BY YAB TAN SRI DATO’ HAJI MUHYIDDIN BIN HAJI MOHD YASSIN PRIME MINISTER OF MALAYSIA PRIHATIN RAKYAT ECONOMIC STIMULUS PACKAGE (PRIHATIN) Bismillahhirrahmannirrahim, Assalamualaikum Warahmatullahi Wabarakatuh and Salam Sejahtera, My beloved fellow Malaysians, How are you all today? As promised, I will announce the PRIHATIN Rakyat Economic Stimulus Package worth RM250 billion which will benefit everyone. Of this, almost RM128 billion will be channelled to preserve rakyat’s welfare, RM100 billion to support businesses, including SMEs and RM2 billion to strengthen the economy. Meanwhile, RM20 billion has been announced in the earlier stimulus package. The PRIHATIN package will provide immediate assistance to ease the burden faced by all of you. Whether you are a fisherman in Kukup, Johor or small farmer in Jeli, Kelantan. A chalet operator in Cherating or a trishaw operator in Malacca, a night market trader in Kuala Lumpur or market trader in Pasar Tamu, Kun...

Kuala Lumpur, Malaysia 27 March 2020 – RHB Banking Group (“RHB”) announced that it will not be compounding interest during the six-months repayment deferment for banking facilities (“Moratorium”) that was announced by Bank Negara Malaysia on 25 March 2020. This will, however, be applicable to Retail and SME customers only and will take effect from 1 April 2020. For Islamic financing, RHB will continue to observe the principle of no compounding of profit. The Moratorium will apply automatically to all RHB Bank and RHB Islamic Retail and SME customers, with the exception of loans/financing facilities that are in arrears exceeding 90 days as on 1 April 2020. Key highlights of the Moratorium are as follows: The Moratorium will take effect from 1 April 2020, for a period of 6 months; Customers who do not wish to avail of the Moratorium may simply continue to pay their regular instalments; As an additional benefit, interest for all Retail and SME banking facilities will no...