The issue of the Ringgit

Raja Sara Petra

Pakatan Harapan is raising the issue of Forex losses and the rate of exchange of the Ringgit during the time of Najib Tun Razak as Prime Minister. Most people do not fully understand this issue and are easily taken in by the confusing statements the Pakatan Harapan people are making.

Forex losses due to gambling on the forex market in the hope of making a profit and forex losses suffered due to the action of Bank Negara in protecting the value of the Ringgit and to prevent an unstable currency are two difference things. The role of Bank Negara is to stabilise the economy and not to gamble.

The rate of exchange or value of the Ringgit now compared to before is another overplayed issue by Pakatan Harapan. In the past, Malaysia’s economy was resource-based and later the government under Tun Dr Mahathir Mohamad moved Malaysia into heavy industries-based.

There are pros and cons in this because natural resources also fluctuate in prices. But heavy industries need research and development, which Malaysia does not have. If not technology will overtake us and we will be outdated within mere months.

Malaysia must learn to do what we are good at and not take on something we know nothing of. That is what Pakatan Harapan is not explaining in their criticism of the government and suggests that Najib is to blame for the current state of affairs when it was inherited from Mahathir.