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PM – Ringgit slump now is ‘not as bad’ as 1997. SO WHAT???

By   /  August 17, 2015  /  Comments Off on PM – Ringgit slump now is ‘not as bad’ as 1997. SO WHAT???

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The Prime Minister has played down the currents lump of the ringgit which has dropped past RM4 to 1USD.

Datuk Seri Najib Razak said that the current situation is not as bad as when it was under Tun Dr Mahathir Mohamad in 1997. Then, Najib said that the Ringgit was in a free fall. He said that the countries owned various bodies in US dollars which prompted the government to peg the ringgit in order to overcome the problem.

He said this at the launch of the Gerik Umno division meeting where he said that the global market condition was the reason causing uncontrolled factors that saw the Malaysian currency dropping to its worst since the 1998 financial crisis.

Najib made comparisons to the time of Dr Mahathir while claiming that New Zealand is having it worse. To this, he said that New Zealand did not have to face issues like the 1MDB.

He then made another comparison that during Mahathir’s time, they had bigger problems but people like him (Najib) gave ‘total support’. This includes the party losing support during the sacking of Datuk Seri Anwar Ibrahim.

Breaching the RM4 to USD1 mark has raised a lot concerns among Malaysians in light of the ongoing issues like 1MDB and GST. Meanwhile, Najib has been constantly criticized by Dr Mahathir.

Such comparisons definitely shed a lot of light on the current situation for the people but then again, the current situation might not be ‘as bad’ as 1997. The question is…

SO WHAT????

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  • Published: 2 years ago on August 17, 2015
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  • Last Modified: August 16, 2015 @ 10:28 pm
  • Filed Under: Hot Topics

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