Thursday, December 8, 2022

Ringgit hits 24-year low, MP demands explanation from PM Ismail Sabri and FM Tengku Zafrul

NewsRinggit hits 24-year low, MP demands explanation from PM Ismail Sabri and...

Our country’s currency, the Ringgit continues to weaken against the US Dollar and it has now reached the historic 24-year-low at RM4.50.

The issue has also prompted the Opposition leaders to call out the Prime Minister and Finance Minister to stop their silence and provide an explanation to all Malaysians.

Among them was Kepong MP Lim Lip Eng, who pointed out that the Ringgit’s weakening will raise the price of imported goods and worsen inflation, affecting both middle-income and lower-income groups.

Source: Astro Awani

In a statement, he said the Ringgit is currently at the lowest point for the first time in 24 years, since the Asian financial crisis in 1998. “If this is not an economic crisis, then what is?” he asked.

“After the staggering drop in the exchange rate, the nation cannot afford to be lied to anymore. It is time for the government to be upfront and tell us if we are now in a recession.”

Source: The Star

“They must also tell the nation how to ride out of the economic storm rather than let our country still run on ‘auto-pilot’ mode,” Lim said.

Lim said the people and business owners need information and guidance in the face of the country’s current economic downturn.

He mentioned that there is a possible increase in the price of imported goods and that such an increase could escalate the inflation that the people are already facing.

Apart from that, Lim also warned that the people’s suffering may exacerbate following the recent increase in base lending rates by banks following Bank Negara Malaysia (BNM)’s raising of the overnight policy rate (OPR).

“Efforts should be made right now to improve the economy instead of going for another general election,” he added. 

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