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Malaysia: Palm oil can boost ringgit

RBD Palm Oil
Published Mar 4, 2024

Tridge summary

Malaysia's Plantation and Commodities Minister, Datuk Seri Johari Abdul Ghani, has stated that the country's commodities, especially palm oil and rubber, could help strengthen the weak ringgit through the repatriation of export earnings. These commodities contribute between RM160 billion and RM200 billion to export receipts, accounting for over 5% of the nation's GDP. The minister also emphasized the importance of effective management and improvement of paddy yields to boost local rice production and decrease dependence on imports.
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Original content

Malaysia’s commodities notably palm oil and rubber wield significant potential to boost the weak ringgit through the repatriation of export earnings, said Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. Johari said the overall commodities contribute between RM160 billion and RM200 billion in export receipts or more than five per cent to the country’s gross domestic product. Undoubtedly, palm oil and rubber play an important role in providing the country with foreign exchange, he said during Bernama TV Ruang Bicara on “Empowering Agricultural Commodities In Facing Global Challenges” on Wednesday. “Our commodity exports are priced in the US dollar. Given our current exchange rate predicament, if we can bring back the greenback each time we export, it will help cushion the impact on our weak ringgit,” he added. Last week, the ringgit touched 4.800 against the dollar, the weakest level since the Asian financial crisis in 1998. The ringgit edged down to 4.76 against ...
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