Floating ringgit--Australia's exports to Malaysia more competitive.
| Position | NEWS |
Australia's lead government export agency, Austrade announced that the revaluation of Malaysia's exchange rate, the Ringgit, in July would increase the overall competitiveness of Australian exports.
Tim Harcourt, Austrade's chief economist said Australia's small-to-medium-sized enterprises (SMEs), especially in price sensitive areas such as agribusiness will gain now the Ringgit has been 'depegged'.
"The floating exchange rate will now be measured by a basket of currencies, which means the resulting revaluation in the Ringgit should make Australian exports more attractive for Malaysian importers," Harcourt said.
"There are a large number of existing Australian exporters who sell to Malaysia. The floating of the Ringgit and closer ties being...
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