It isn’t politics that hurts ringgit, says Ku Li
Former Finance Minister blames drop in oil price and declining demand for other commodities.
(Free Malaysia Today) – The ringgit’s decline is not due to the current political climate in the country, said former Finance Minister Tengku Razaleigh Hamzah.
According to a report by Astro Awani, the Gua Musang MP, better known as Ku Li, said other factors were responsible for the ringgit’s drop and that these included the decline in the price of crude oil and the demand for other commodities.
The ringgit, currently trading at 3.98 for a US dollar, has hit its lowest value in 17 years.
Ku Li said the government was now forced to cut on subsidies given the decline in the exports of palm oil, rubber and other commodities.
He lamented that Malaysians were forced to bear the burden of a higher cost of living.
