KUCHING: Puncak Borneo MP Datuk Willie Mongin has voiced his concern over the recent hike in Malaysia’s Overnight Policy Rate (OPR) and its adverse effects on the value of the ringgit and the cost of living.
In a Facebook post today, he said the usual formulas for economic management seem to have failed, as the OPR has risen, the value of ringgit has dropped, and the prices of goods have increased.
Willie also criticised the government’s call for the public to eat Menu Rahmah, a cheaper option, while they themselves indulge in more expensive food.
“OPR naik, nilai Ringgit turun, harga barang naik. Rakyat disuruh makan Menu Rahmah, tapi diri makan menu kayangan. (OPR goes up, the value of the ringgit spirals, the price of goods go up. The people are being told to eat the Rahmah menu, while the leaders are enjoying a menu fit for kings.
“Gila… Semua formula tak boleh pakai” (Crazy… None of the formulas work),” he said.
The MP’s statement comes on the heels of the announcement of Bank Negara Malaysia’s (BNM) recent decision to raise the OPR by 25 basis points (bps) to 3 per cent following its Monetary Policy Committee (MPC) meeting yesterday (May 3).
BNM, in a statement said the MPC assessed that domestic growth prospects are continuing to demonstrate resilience.
As a result, they have determined that it is appropriate to further normalise the degree of monetary accommodation.
The decision signifies that the MPC has withdrawn the monetary stimulus that was initially implemented to address the economic impacts of the Covid-19 crisis and promote recovery.
Willie’s statement highlights the growing frustration among Malaysians over the state of the economy, which has been impacted by the Covid-19 pandemic and other factors.
His comments come at a time when many Malaysians are already feeling the strain of rising living costs and economic uncertainty.
