KUCHING: Calls are growing for the government to strengthen our nation’s economy.
Julau MP, Datuk Larry Sng, expressed his concerns about the Malaysian Ringgit, which has hit its lowest value against the US dollar in 25 years.
He highlighted on his Facebook post yesterday that our country’s exports have dropped for the seventh month in a row in September.
According to Sng, the government should focus more on attracting investors and boosting international trade.
He also suggested that we need competent technocrats in ministerial positions to guide our nation better.
Previously, reports showed that the Ringgit’s value dropped to its lowest since the Asian Financial Crisis. This decline has been influenced by a growing difference in interest rates between Malaysia and the US.
The Ringgit’s value has decreased by up to 0.5 per cent to 4.7703 against the US dollar, making it the second-weakest currency in Asia after the yen.
Vishnu Varathan, a leading economist at Mizuho Bank Ltd in Singapore, said that the Ringgit’s decline is partly due to potential economic challenges. This includes factors like subsidy reductions affecting inflation and revealing weaker actual policy rates.
He added the tough decisions policymakers face to balance the challenges from rising interest rates while also addressing risks to the Ringgit and the broader economy.
