KUALA LUMPUR (Aug 29): The policy paper on reducing approved permits (APs) and import permits (IPs) will soon be submitted to the National Economic Council, according to Economy Minister Rafizi Ramli.
By reducing or limiting APs and IPs, the government hopes to lower the prices of goods, especially imported goods, which will help increase the people's purchasing power and mitigate the effects of inflation.
“The ministry took five to six months to study these APs and IPs. The paper is almost ready and will be submitted to the National Economic Council in one to two months,” he said at a press conference on Tuesday.
“This will increase competitiveness in the supply market, especially local food, and directly help increase people's purchasing power and mitigate the impact of inflation. In addition, there is also room to improve anti-monopoly and competition rules to ensure the market is more competitive. More competition will make prices of goods and services more affordable,” he said.
“Curbing inflation and strengthening people's purchasing power are critical components of the Madani Economy. This approach will be implemented in an inclusive, effective and sustainable manner to ensure people's welfare,” Rafizi added.
Malaysia’s inflation rate has been steadily declining. It fell to 2% in July, its lowest level so far this year. The country's inflation rate was 2.4% in June, 2.8% in May, 3.3% in April, 3.4% in March, 3.7% in February and 3.7% in January.