Economist warns against politicising ringgit as PH attacks backfire amid currency slump
“The value of the ringgit is linked to monetary policies under the purview of Bank Negara (BNM), an independent statutory body.
(MalaysiaNow) – An economist has cautioned against using the exchange rate as campaign fodder amid the ringgit’s ongoing slump against the US dollar, a headache for the government of Prime Minister Anwar Ibrahim who, during his time in the opposition, cited similar circumstances as proof of administrative weaknesses.
Speaking to MalaysiaNow, Adillah Zafirah said all parties, whether from the government or opposition, should steer clear of politicising the ringgit value.
“The value of the ringgit is linked to monetary policies under the purview of Bank Negara (BNM), an independent statutory body.
“BNM has a committee and officers who are credible and who have international standards and a clear decision-making process,” Adillah, of think tank Iris Institute, added.
The ringgit recently fell to a low of 3.4 against the Singapore dollar and 4.6 against the US dollar.
In 2022, it hit a low of 4.73 against the US dollar.
In a Facebook post a year ago, Anwar said the ringgit was losing its value as the world had lost confidence in the Malaysian government.
“We need leadership that must first inspire the confidence of the people before we can dream of inspiring foreign confidence and then investment,” he said at the time.
