Friday 29 Mar 2024
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KUALA LUMPUR (Jan 5): The ringgit is expected to strengthen to a fair value of RM4.1 against the U.S. dollar in the third quarter of 2017 (3Q17), according to the banking sector, said Deputy Finance Minister I Datuk Othman Aziz.

“Bankers have said the potential level of the ringgit would be (a fair value of) 4.1 in 3Q17, but don’t quote me (saying that),” he told a press conference.

Othman said the ringgit volatility was cyclical and that it has hit higher levels in previous year.

“Yes, maybe the current resistance level (for the ringgit) is 4.5 now and if it breaks, there would be another resistance level.

“However, we are an open economy and we need to see what the changes are with incoming U.S. President Donald Trump. What is going to (happen in) America itself is not firm, so we need to see what he says in his inaugural speech,” he added.

At the time of writing, the ringgit strengthened 0.2% or 0.0009 points to 4.4885 against dollar, after hitting 4.49 yesterday. Since Jan 1, it has weakened 0.06%.

Earlier, Othman, who was briefed on Bank Negara Malaysia’s wholly-owned unit Agensi Kaunseling dan Pengurusan Kredit (APKP) workings, said that 11,935 debtors were cleared of outstanding loans up to Nov 30, 2016, amounting to a total of RM488 million.

APKP, set up in April 2006 to provide free financial counselling and education, and draw up a debt management programme for financially-burdened people, has handled 505,069 persons since its inception.

“About 167,060 customers have enrolled into our programme and 11,935 of them have exited it successfully. We believe this has helped people from becoming declared insolvent.

“APKP has helped customers manage their finances, urged banks to place a moratorium on further action on the debtor, and resolve their financial matters,” said Othman.

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