Economists warn of weaker ringgit as M’sians spend RM130mil abroad

Free Malaysia Today

They call for spending to be redirected locally to support the domestic economy’s growth.   Read More:  https://www.freemalaysiatoday.com/category/nation/2024/10/03/economists-warn-of-weaker-ringgit-as-msians-spend-rm130mil-abroad/   Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/03/belanja-luar-negara-mampu-lemahkan-nilai-ringgit-kata-pakar/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #GohLimThye #AhmedRazmanAbdulLatif #Malaysia #Thailand

Transcript

00:00Economists warned that an outflow of funds could weaken the ringgit after Malaysians

00:06spent 130 million ringgit in southern Thailand over a recent long weekend.

00:12University of Malaya's Golim Tai said that while this spending reflects increased purchasing

00:16power, doing so overseas may harm the local economy.

00:20He added that as Malaysians exchange ringgit for foreign currencies like the Thai baht,

00:24the supply of ringgit in the market rises, potentially causing its depreciation.

00:29Go said a weaker ringgit raises the cost of imports, adding inflationary pressures.

00:34Ahmad Razman Abdul Latif of Putra Business School suggested countering this outflow by

00:39attracting foreign tourists to Malaysia and encouraging them to spend more than Malaysians

00:43do abroad.

00:45Both economists agreed that redirecting spending to the local economy could boost business

00:49growth, productivity and job creation.

00:53It was previously reported that nearly 100,000 Malaysian tourists spent over 1 billion baht

00:58in southern Thailand during the Malaysia Day weekend.

01:01Danish Raja Reza, FMT News.

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