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Dewan Rakyat Passes Budget 2022, Opposition Lawmakers Honour Pact With PM

MYR

Spot USD/MYR has extended yesterday's gains this morning amid continued risk aversion. The rate deals at MYR4.2302, 15 pips higher on the day, with bulls looking for gains past Dec 3 high of MYR4.2372 towards Nov 26 high of MYR4.2490. Bears eye yesterday's low of MYR4.2073 for initial support and a break here would expose Dec 1 low of MYR4.2000.

  • Early voting kicked off in Sarawak, with polling set for this coming Saturday. The state holds an election contested by three main political coalitions.
  • The Dewan Rakyat approved the 2022 budget on Monday, sending the bill to the Senate. The spending plan doubles down as a de facto vote of confidence in PM Ismail Sabri. It was easily passed by the lower house owing to the Premier's pact with the opposition coalition Pakatan Harapan, whose lawmakers largely abstained during the vote.

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