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BUSINESS • 12/11/2024 09:38 PM

Repatriate Foreign Investment Income, Without Selling Overseas Assets -- Amir Hamzah

KUALA LUMPUR, Nov 12 (Bernama) -- The government's concerted measure to encourage government-linked companies (GLCs), government-linked investment companies (GLICs) and corporates to consistently repatriate foreign investment income and convert them into ringgit does not involve the sale of assets and their investments abroad.

Finance Minister II Datuk Seri Amir Hamzah Azizan said this coordinated measure only involves GLCs and GLICs foreign investment income.

"Thus, GLCs and GLICs can still maintain their investment strategy," he said in his winding-up speech on the ministry's 2025 Supply Bill (Budget 2025) in the Dewan Rakyat here today.

Amir Hamzah said the concerted action helped create a two-way flow in the country's domestic foreign exchange market, which helped support the ringgit and boost business sector confidence.

"This concerted measure will continue and it can contribute to strengthening sentiment and the value of the ringgit.

"The ringgit strengthened against the US dollar and was stronger compared with the currencies of nine regional countries since this coordinated measure was implemented on Feb 26, 2024," he said.

The ringgit has strengthened against the US dollar by 4.2 per cent as of Nov 11 2024, he said.

"At the same time, the ringgit has also strengthened against regional currencies, at 13.5 per cent against the (Japanese) yen, 12.9 per cent against (South Korea's) won, 6.1 per cent against the (Indonesian) rupiah and 4.9 per cent against the (Thai) baht.

"The average daily foreign exchange revenue has risen from US$15 billion between Dec 29, 2023 and Feb 26, 2024, to US$18.2 billion between Feb 26, 2024 and Nov 11, 2024," he said.

-- BERNAMA

 

 

 

 

 

 

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