Anwar, who is also the finance minister, said throughout the many discussions held with business leaders and senior executives during his official visit to Australia, there was no mention of the ringgit’s performance but they were more interested in knowing the basic economic policies and other matters like the share market and inflation.
To questions raised about the performance of the ringgit and concerns about the depreciation of the ringgit during his meeting with the Malaysian diaspora on Wednesday, Anwar said they did not affect the confidence of the investors.
“(Depreciation of the ringgit) gives cause for concern, but not alarming,” he said, adding that the value of the ringgit was associated with the US dollar’s interest rate.
Anwar also said that the Bank Negara governor was confident that once the ringgit appreciates, there would be a flow of investments into Malaysia.
“If that is the case (depreciation of the ringgit) we would not have seen investments of RM24.5 billion from Australia… the issue of the ringgit is certainly not a concern,” he said, referring to the commitment of investors from Australia during his meeting with them.
Anwar noted that last year saw the highest level of investment recorded in history, despite the fall in the value of the ringgit. “That would not have been possible if the investors had no confidence.”
The prime minister said there were temporary measures in place to strengthen the ringgit through Malaysia’s biggest trade partner China which is using the ringgit for 25% of the trade.
“If we can expand trade using local currency, it will assist in the recovery. I believe with investment figures like this, the ringgit will become stronger,” he said.
Meanwhile, to another question from a Malaysian student in Australia, Anwar said approval would be given to students who were under the public services department (JPA) scholarships and had completed their studies to remain in the country and gain some work experience.
Anwar said such approvals could be given since he would be chairing the meeting.
“We will give the greenlight if there are opportunities to gain some work experience in Australia,” he said.
The prime minister also encouraged other Malaysian students in Australia to discuss with their respective scholarship providers to seek approval for the same purpose.
Earlier in his speech, Anwar stressed that Malaysia must have the courage to embrace changes and sweep aside the old culture to ensure the country moves into a progressive path.
He said such changes should not only be embraced by the government and the Cabinet but also the people.
“If there is a need for a transition of power… we go ahead. If (there is a need for) a digital transformation, change in technology for agriculture, we will do it,” he said.
Anwar said during the past one year and three months under the administration of the unity government, not a single case had emerged where the “minister or prime minister or finance minister who are in power” attempted to rob the nation of its wealth because of the firm approach taken by the government in all matters.