Malaysia's ringgit expected to stabilize against US dollar from Q4 2023

The ringgit should start to strengthen against the US dollar from the second quarter of next year onwards and settle at the 4.40 level in the fourth quarter of 2023, Malaysian news agency Bernama reported, citing a note released by  AmBank Research.

Malaysia's ringgit expected to stabilize against US dollar from Q4 2023 -0

The local currency saw its weakest valuation against the US dollar on March 31, 1998, at 4.88 RM/USD, and the ringgit is expected to weaken further in the first quarter of 2023 to 4.8 against the dollar, the research house said.

AmBank Research also forecast the interest rate differential between Malaysia and the United States would narrow in the second half of 2023.

The positive impacts of the 12th Malaysia Plan, foreign direct investment, domestic direct investment, domestic activities, exports and better management of inflation and Budget 2023 should provide the necessary comfort for the economy to expand around 4.5% in 2023, it said.

Expectations are for Bank Negara Malaysia to raise another 25 basis points in November 2022 and another 25 basis points in January 2023, it said, adding that this will bring the policy rate back to the pre-COVID-19 level of 3%.

Despite a strong full-year GDP forecast of around 7.5% to 8%, AmBank said the ringgit is poised to stay weak due to the dollar play.

World

Philippines intensifies crackdown on illegal gamers
World

Philippines intensifies crackdown on illegal gamers

Philippine President Ferdinand Romualdez Marcos on December 12 ordered the police and law enforcement agencies to intensify the crackdown on illegal gaming and cyber cam hubs that continue to operate despite the ban, which will take effect by the end of December, the Presidential Communications Office (PCO) said.

Malaysia eyes to become global medtech hub
World

Malaysia eyes to become global medtech hub

Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Southeast Asia poised to become global AI hub
World

Southeast Asia poised to become global AI hub

In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.

Trends drive job openings in Thailand
World

Trends drive job openings in Thailand

Thailand reported 414,000 unemployed people in the third quarter this year, up from 401,000 year-on-year, according to the National Economic and Social Development Council (NESDC).