Published: 2009/05/27
THE ringgit gained after the central bank said the economy may see “gradual improvement” as a global recession eases. The currency snapped a two-day slide after Bank Negara Malaysia late yesterday kept its overnight rate at a record-low 2 per cent, saying low borrowing costs and US$19.2 billion of additional government spending will be sufficient to spur domestic demand as exports slump.
The central bank will report first-quarter gross domestic product after 6 pm today. “There’s better optimism about the second-half outlook, which should underpin demand for risky assets,” said Wan Murezani Mohamad, an analyst at Malaysian Rating Corp in Kuala Lumpur.
“Recovery signs remain fragile and what’s been supporting the ringgit is the rally in equities.”
The ringgit rose 0.3 per cent to 3.5040 per dollar as of 4:55 pm in Kuala Lumpur, according to data compiled by Bloomberg. The currency reached 3.4685 on May 22, the strongest since January 5. -- Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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