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Malaysia Currency

A firm ringgit has not hurt Malaysia’s exports, and the country’s manufacturers are taking the currency’s strength in their stride, Trade Minister Rafidah Aziz said on Friday.

The ringgit hit a nine-year high against the dollar in May, reflecting a generally strong trend among emerging Asian currencies.

On Friday, the currency rose more than half of a per cent to 3.449 per dollar, a one-week high.

'Our own manufacturers and exporters must now understand what it takes to price the products and services,' Ms Rafidah told an annual meeting of manufacturers.

'They must not just rely on bonuses which the currency rates provide. I believe that all of them are in full control.'

Manufacturing makes up just under a third of Malaysian GDP and is heavily skewed towards exports such as electronics and chemicals.

Other government officials and the central bank governor have also said that the stronger ringgit was not posing a problem for Malaysia’s economy.