Malaysia needs to focus on increasing economic resilience - Yamani
Bernama
August 1, 2022 12:43 MYT
August 1, 2022 12:43 MYT
Yamani said that a stable financial market is important to boost foreign investors' confidence to invest in the domestic market, which, in turn, will have a positive impact on the country's international reserves. - JAPEN
KUALA LUMPUR: Malaysia needs to focus on enhancing its economic resilience by diversifying its economic resources, while strengthening its economic competitiveness and fiscal position, said Deputy Finance Minister II Yamani Hafez Musa.
He added that a stable financial market is important to boost foreign investors' confidence to invest in the domestic market, which, in turn, will have a positive impact on the country's international reserves.
During the question and answer session in the Dewan Rakyat here today, he noted that Bank Negara Malaysia's (BNM) international reserves act as a major buffer against significant and large global investment inflows and outflows.
"Without the support of international reserves, the fluctuation rate in the ringgit's value would have been more uncertain due to increasing market volatility," he said.
As of June 30, 2022, BNM's international reserves stood at US$109 billion, equivalent to RM480.1 billion.
-- BERNAMA