The ringgit fell badly, affecting the country’s economy and the people

KUALA LUMPUR: The value of the Malaysian Ringgit (RM) fell to 4.728 against the United States Dollar (USD) which is the lowest level in 26 years as the latest evidence of the failure of the government led by the Prime Minister, Dato’ Seri Anwar Ibrahim.

Member of Parliament for Kuala Terengganu, Datuk Ahmad Amzad Hashim said, if the situation happened to previous governments, it is certain that those who are supposed to be ‘Economic Experts’ and ‘Reformation Experts’ will be ‘heroes’.

He also recalled his questions about the government’s measures to deal with the weakening Ringgit currency to the Minister of Finance during the Dewan Rakyat Conference in March last year.

But unfortunately, the answer given by Dato’ Seri Anwar Ibrahim was very disappointing, even his additional question about the government’s plans to face the challenge on the Ringgit also failed to be answered by the Prime Minister.

Anwar when answering the question was even too confident that Malaysia would gain traction following Amazon’s AWS agreeing to make this country the site of operations and in a tone of denial stated that the Ringgit was still holding up, even better than other currencies.

Amzad also criticized Anwar’s projection for the country’s Gross Domestic Product (GDP) to reach 4 to 5 percent, but only grow at a rate of 3.8 percent according to the latest data released by the Chief Statistician of Malaysia.

He is even worried that the purchasing power of the people involving all walks of life will be further affected due to the fact that this year also consumers will face tax increases and the introduction of several new taxes.

“It has become a habit for me to buy kitchen items myself at the local market or grocery store in the village. Onions, flour, sugar, cooking oil, various sauces, soy sauce and most consumer goods have increased in price.

“During the era of Dato’ Sri Najib (Razak), there was a criticism that ‘kangkung also increased in price’, (but) now it is even worse. Although the government is proud of the declining inflation rate, it does not mean anything.

“Because the cost of living has not decreased, on the contrary, it has become more and more common. But as the Minister of Economy said, not all Malaysians shop in New York!” his sarcasm.

Amzad is of the view that the increase in interest rates by the United States Federal Reserve will weaken the demand for the Ringgit, in addition to causing a continuous fall, thus having a major impact on the economy.

“In general, what will drive the increase in import costs, the increase in the price of consumer goods. Inflation increases, wage rates that do not attract the presence of foreign workers,” he said.

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