Ringgits Now Getting Stronger as the Next PM is Now Confirmed

If you have visited Malaysia in the past month or so, when the ringgit is at S$1 is to S$3.35, good for you.

If you have not done so, it is a pity that you won’t be able to buy cheaper food than your neighbour who went to JB last month.

Previously, it was even expected that the ringgit would fall to RM3.35 to RM3.45 range against the Singapore dollar if ringgit volatility rises sharply and the Singapore dollar remains resilient.

Watch this video to find out more:

Ringgits Now Soar as the Next PM is Now Confirmed

Upon the announcement of the new Prime Minister, Mr Anwar Ibrahim, on 24 November 2022, Malaysian stocks jumped the biggest in over two years.

In addition, the ringgit shot up to 1.7 per cent to 4.50 against the United States Dollar (USD) and 3.27 against the Singapore Dollar.

There were few trades for Malaysian assets this week as investors wanted to wait for an announcement on Malaysia’s new Prime Minister.

“It is certainly a relief to get clarity and some certainty on the leadership, especially from someone with the charisma and proclivity to bridge differences to build a government,” said Mr Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

Many companies have also signalled that they would support Mr Anwar as their new prime minister instead of Muhyiddin Yassin.

The Next Steps for Anwar 

Mr Anwar’s reformist Pakatan Harapan will lead the next government after being elected by Sultan Abdullah Ahmad Shah.

“The people should not be burdened by endless political turmoil, as the country needs a stable government that will boost the economic landscape and national development,” said the palace.

Mr Anwar will have to address soaring inflation and slowing growth while calming ethnic tensions. He also has to negotiate agreements with lawmakers from other blocs to ensure he can retain majority support in Parliament.

The most important thing he has to settle would be the budget for next year.

Investors will also be looking out for who is the next finance minister they want to know if there will be any changes to the budget tables by the previous governments.

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Featured Image: Wikipedia & Zai Di / Shutterstock.com