Foolish remarks have affected ringgit’s fall, says don

(Bernama) – Outlandish remarks over certain issues have resulted in negative sentiment towards the ringgit and foreign investment, Prof Dr Othman Yong of Universiti Kebangsaan Malaysia’s Graduate School of Business said.

“For example, in the 1MDB (1Malaysia Development Bhd) issue, even though many quarters do not know the real picture, they still come out with statements every day.

“When the remarks are repeated, society might think the allegations are true,” he said.

Calling for such action to be discontinued, he said foolish noises had affected government’s efforts to stimulate the economy and improve the well-being of the people, and contributed to the ringgit plunge.

He said based on the current scenario, the ringgit should be traded between RM3.60 and RM3.70 against the US dollar.

The ringgit rebounded against the US dollar today to close at 4.2920/3000 from yesterday’s 4.2960/2910.