KUALA LUMPUR: The Small and Medium Enterprises Association of Malaysia (SAMENTA) has encouraged small and medium enterprises (SMEs) to repatriate and convert export proceeds into ringgit to bolster the local currency. 

Its president Datuk William Ng said this follows the call by Bank Negara Malaysia for businesses to do so as part of a "whole-of-nation" approach to ensure the stability of the ringgit. 

"Government-linked companies and government-linked investment companies have already begun doing so, and we are already seeing some early results. 

"As such, it is the right time for SMEs to consider repatriating their foreign currency holdings in support of the ringgit, which will in turn help reduce the fluctuation and allow businesses to better plan their costs and expansion," he said in a statement. 

Meanwhile, Ng said ​Samenta reiterated its call in January for Malaysians to buy locally made products and services first. 

He said if Malaysian consumers and SMEs want to see a rapid recovery of the ringgit, the fastest way to contribute is to buy local. 

"This will also help support the economy in the longer term, ease the inflationary pressures, and allow local companies to scale up and enhance their capability," he added.

https://www.nst.com.my/business/economy/2024/03/1032142/repatriate-convert-export-earnings-ringgit-samenta-tells-smes