MOF, KPDN To Review Import-Related Mechanisms Following Strengthening Of Ringgit

BALIK PULAU, Feb 15 (Bernama) -- The Ministry of Finance (MOF) will continue to work with the Ministry of Domestic Trade and Cost of Living (KPDN) to examine mechanisms related to developments in the prices of imported goods following the strengthening of the ringgit.

Finance Minister Il Datuk Seri Amir Hamzah Azizan said the ringgit has strengthened by about 14 per cent against the US dollar since early last year and by around 6.5 to seven per cent against other major currencies.

“The rise of the ringgit is good for imported goods, and our current issue is to ensure that importers also ‘pass through the lower cost’ to the people.

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“This is something we are still analysing and working on with KPDN, and we will monitor if there is an opportunity to reduce the prices of imported goods,” he said at a press conference after the walkabout session of the MADANI Adopted Village programme in Kampung Pulau Betong here, today.

However, Amir Hamzah said not all prices are expected to decline due to cost increases recorded over the past few years, and a balance must be struck between existing cost structures and current market conditions.

Commenting on the current economic performance, Amir Hamzah said data released by the Department of Statistics Malaysia (DOSM) showed that Malaysia’s economy remains resilient, with gross domestic product (GDP) growth of 6.3 per cent in the fourth quarter and 5.2 per cent for the full year last year, among the highest in ASEAN.

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He said the performance reflects the effectiveness of the government’s comprehensive economic reforms, including social protection measures and targeted interventions, aimed at ensuring that growth benefits are felt across all segments of society.

Amir Hamzah also said the stronger ringgit and improved economic performance have boosted public confidence, including in terms of spending and mobility, which he described as indicators of stronger purchasing power and economic stability.

Nevertheless, he stressed that the government’s priority remains long-term efforts to strengthen the economy, attract quality investments and ensure that development benefits reach the people through targeted initiatives such as Sumbangan Asas Rahmah (SARA) initiative.

--BERNAMA