Malaysian king: Government will address ringgit depreciation

Malaysian king: Government will address ringgit depreciation
The 15th king of Malaysia, Sultan Muhammad V (C) inspects a ceremonial guard of honour during the parliamentary opening session at Parliament House in Kuala Lumpur on March 6, 2017.

The Yang di-Pertuan Agong Sultan Muhammad V has confidence that the Government will take immediate steps to address the ringgit depreciation.

In his royal address to lawmakers in Parliament here Monday, the Ruler said the ringgit depreciation against the world's major currencies has affected the rakyat.

"The depreciation is caused by external and internal factors. We are certain that the Government will act with full commitment to resolve the problem as soon as possible," he said when opening the fifth session of the 13th Parliament.

Read also: Ringgit hovers near record lows as yuan slide continues to loom large

The opening session was held at the newly refurbished Dewan Rakyat which underwent a five-year facelift.

The Agong also said the Government is committed to pursuing fiscal consolidation so it can achieve a balanced budget in 2020.

"Concrete measures will be taken by the Government to expand the size of our economy from the current RM1.3tril (S$ 4.1 billion) to RM2tril within the next seven to eight years.

"In the long-term, our Government will strive to make Malaysia among the world's top 20 economies," he added.

The Ruler also called upon all parties to work together to brave the challenges by increasing productivity.

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