Published at 03:41 (GMT) 18 Jun
BBG: Mohd Irwan Serigar Abdullah, secretary general at the Finance Ministry said that Malaysia is on track to cut fiscal deficit to 3.5% of GDP this year, and added that if GDP growth is higher, the budget shortfall may be reduced further. On growth he echoed earlier statements by other officials that the economy can achieve the target of 4.5-5.5% this year, bolstered by private investments. Separately, the Finance Ministry denies recent reports that tax collected by the IRB will be channelled into investment funds, adding that the Board is only allowed to invest a portion of fees it earns, not the tax collected. On a related note, the government intends to defer the bill to amend the Inland Revenue Board Act to the next parliament session.
USD/MYR was pushed above 3.2300 to near two-week highs of 3.2350 from the previous close of 3.2205, helped by a firmer dollar tone. As we noted in the previous session, there is room for further recovery through the 3.2300 handle with little resistance along the way. Stronger selling pressure is only expected to set in above 3.2400. KLCI opened on a subdued tone at last check. BA
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