Ringgit's Weakness Is Short Term - Treasury Secretary-General

PUTRAJAYA (Malaysia), Nov 24 (Bernama) -- The ringgit's current weakness is short term, says Treasury Secretary-General, Dr Mohd Irwan Serigar Abdullah. He said the local unit would strengthen over the long term with incoming foreign direct investments (FDIs), as well as a number of government projects to be implemented next year. "Malaysia's economy is strong and oil prices are stable in not having gone below US$40 (a barrel). The global economy is slightly slow this year, but hopefully, it will improve. "So, I don't see why the fear over the ringgit's weakness. We are growing but because of some quarters saying negative things, it impacts perception of the country," he told reporters at the National Code Challenge (II) 2016 closing ceremony, here Thursday. Weak sentiment towards emerging currencies, brought on by speculation of a December US interest rate hike has pushed the ringgit to depreciate against the greenback. The ringgit opened Thursday at 4.4500/4600 to the greenback from 4.4400/4450 on Wednesday. It closed slightly higher at 4.4450/4550. -- BERNAMA