Penang: The ringgit's performance, now among the best in Asia, proves the effectiveness of good governance policies, political stability, and investor confidence in the country's economic direction. Prime Minister Datuk Seri Anwar Ibrahim said the strengthening of the ringgit is also the result of the government's continuous efforts to ensure the country's peace, efficient administration, and firm action against corruption and misappropriation.
According to BERNAMA News Agency, Anwar highlighted in his speech at the MADANI Cultural Carnival and Kenduri Rakyat Penang 2026 in Seberang Perai Tengah district that the ringgit is not only excelling compared to neighboring countries but across the entire Asian region. He emphasized the importance of maintaining strict governance to prevent financial misconduct and corruption.
On Friday, the ringgit broke through the significant psychological level of 4.00 against the US dollar, reaching its highest level in over seven years at 3.9992. The last occurrence of such a level was on June 18, 2018, when it stood at 3.9960/9990.
Anwar, who also serves as the Finance Minister, elaborated on the critical role played by the Malaysian Armed Forces, the Royal Malaysia Police, and other security agencies in maintaining national stability. This stability, he noted, is the bedrock for economic growth and boosts investor confidence.
Addressing public welfare, the Prime Minister announced an increase in allocations for assistance programs, including the Sumbangan Tunai Rahmah (STR) and the Sumbangan Asas Rahmah (SARA), amounting to RM15 billion. Additionally, there is a civil service salary increase involving an additional RM18 billion this year.
Savings from targeted subsidies and anti-corruption measures have enabled the government to allocate more resources to programs such as STR, SARA, and civil servant salary increases. Anwar also assured that no new taxes have been imposed on low-income groups and that the RON95 fuel subsidy remains intact, alongside efforts to shield 85 percent of the population from electricity tariff hikes.
Earlier in the event, MRT Corp CEO Datuk Zarif Hashim presented appointment letters to seven Bumiputera contractors for the Penang Light Rail Transit (LRT) Mutiara Line project, with Anwar witnessing the ceremony. The contractors are part of MRT Corp's Bumiputera development initiative, receiving 10 work packages under the project.