Ramasamy: It’s PMX who’s politicising the depreciation of ringgit

Focus Malaysia:

Ramasamy: It’s PMX who’s politicising the depreciation of ringgit

By Prof Ramasamy Palanisamy

PRIME Minister Datuk Seri Anwar Ibrahim (PMX) should be reminded that he should not take the criticisms against the government personally.

The opposition by definition are there to raise questions about the state of affairs of the country. If they don’t raise matters, then they will be failing in their role and responsibility.

If the ringgit can slide to a record low, then there must be something amiss. It is that simple.

What is the point of Anwar repeating the point of huge foreign investment in the country when such confidence in the economy seems to have no effect on the strength of the ringgit.

Whether the registered investments were the actual investments remains to be explained by Anwar. Playing with gross figures might be misleading.

Bank Negara Malaysia (BNM) officials should not overplay the role of external factors in contributing to the slide of the ringgit against the greenback. Even the ringgit’s slide against the Singapore dollar seems inexplicable.

The rise of US interest rates and the decline of the purchasing power of China might have a role in the depreciation of the ringgit.

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Don’t be in denial

Anwar who is also the Finance Minister should not give the impression that everything is alright with the country with stupendous rise in foreign investments.

The point is that things are not alright. Political rhetoric notwithstanding, the country lacks reform badly.

Whatever was promised by the Pakatan Harapan (PH) coalition while it was in the opposition seems to have evaporated in thin air. Before there were talks about reforms but nowadays, these talks are no longer there.

Prof Ramasamy Palanisamy

Corruption is a serious issue in the country. If the government can condone certain high-profile cases of corruption, then what confidence can the government provide the investors?

Anwar talks about the high level of investor confidence in the country but he conveniently forgets about the impact of currency devaluation on the B40 groups in the country.

Those in the upper income bracket can weather the storm of currency devaluation but not the poor wage earners and peasants in the country.

Currency devaluation has debilitating effect on the purchasing power of those in the lower socio-economic background. With the rise in inflation, the effect on the purchasing power of the underprivileged will be devastating.

Can Anwar speak of the confidence of the low-income classes immaterial of their ethnicity? If there is anybody who is politicising the ringgit devaluation matter, he is none other than Anwar.

By engaging in the abstraction of foreign investor confidence, Anwar seems little interested in the welfare and well-being of Malaysians, particularly those in the low income category. – Feb 25, 2024



Former DAP stalwart and Penang chief minister II Prof Ramasamy Palanisamy is chairman of the Urimai (United Rights of Malaysian Party) Interim Council.