Selangor Journal

Bad idea to raise OPR to strengthen ringgit — Minister

PUTRAJAYA, Feb 21 — Raising the Overnight Policy Rate (OPR) to strengthen the ringgit is not a good move presently, given its impact on the people, said Communications Minister Fahmi Fadzil.

“I am aware some have commented on it, but I do not know if certain parties want Bank Negara Malaysia (BNM) to raise the OPR. I believe it will not help the people at this time.

“Prime Minister (Datuk Seri Anwar Ibrahim) is concerned about the matter, and I do not feel it is a good move at this time. Anyway, it is up to BNM to decide,” he said during a post-Cabinet meeting press conference at the ministry today.

On whether the meeting discussed the ringgit’s performance, Fahmi replied in the negative.

The explanation regarding the ringgit’s performance was provided by BNM governor Datuk Abdul Rasheed Ghaffour yesterday and Finance Minister II Datuk Seri Amir Hamzah Azizan recently.

In a statement yesterday, Abdul Rasheed said the ringgit’s current level does not reflect the Malaysian economy’s positive prospects going forward, and the currency’s recent performance, like other regional currencies, was impacted by external factors.

Meanwhile, when asked about the recent resignations of three Armed Forces Fund Board (LTAT) senior officials, Fahmi said the Cabinet meeting did not discuss it.

“We have not received a notification on the latest status. However, I believe the Prime Minister and Defence Minister (Datuk Seri Mohamed Khaled Nordin) have looked into the matter, and any announcement will be made later,” he said.

LTAT has seen the resignation of its chief executive Datuk Ahmad Nazim Abd Rahman effective January 31, followed by chairman General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor on February 8.

On February 19, senior director of strategy Dayana Rogayah Omar also tendered her resignation.

— Bernama

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