YOUR SAYS | “I believe the time has come for a loud jihad against the rising US dollar.”
MP blasts PM Zafrul for his silence on weak exchange rate for 24 years
M’sia not in economic crisis, says Zafrul amid weakening ringgit
Bobby O: We have an administration that is busy trying to prepare for the general election. The latest increase in allowances for civil servants and students shows that they are more interested in winning support. Expect more announcements as we get closer to the polls.
On the other hand, they seem completely helpless or unable to handle the economy and the rising US dollar.
Our foreign debts will cost taxpayers more. Importers will be affected by the price of imported goods. Moreover, ordinary people will have to spend more money to buy their daily necessities.
Not to mention the recent rise in the base rate. Monthly payments to banks will increase. It will affect all those who have bank loans, particularly for housing.
Cabinet members and senior officials may not be significantly affected by these increases. The average individual will see a dent in their finances every month. Have mercy on those in the lower strata of society who are barely surviving.
Cogito ergo sum: The average person in rural constituencies does not feel the impact of the falling ringgit. These are the power bases of Umno/BN.
Note that no one in government has explained why the currency is falling. Because it does not affect their supporters. Only those who import materials for industries and other goods and services will be hard hit.
The administration will ignore these questions because answering them will alert its supporters that something is wrong.
BlueShark1548: The eyes of Prime Minister Ismail Sabri Yaakob and Finance Minister Tengku Zafrul Abdul Aziz are solely on the 15th general election and how to get the most votes. Both are not focused on the economy or the cost of living,
Do they know how to solve our economic problems? No one in the current cabinet is knowledgeable about these issues and relies on officials working on autopilot.
Indeed, can you count on the man behind the Mara Digital Mall to deal with national and international economic and monetary issues?
LimeGoat2442: Neither Ismail Sabri nor Zafrul can do anything, unfortunately. It is policy oriented. As long as Malaysia relies on cheap labor to grow its economy, the currency will continue to depreciate.
As long as investment policies remain restrictive and racially driven, private investment will continue to decline.
It is a downward spiral in which the country has been engaged for six decades. If S$1 can be RM3.2 in 40 years, will it be S$1 to RM6 by 2060?
OrangeKucing5562: Zafrul, most of our imports are paid for in US dollars. This means higher prices for Malaysian consumers as the cost is passed directly on to us.
For exports, the sellers are the winners and nothing will be passed on to Malaysian consumers. Do you understand?
Karnac: Ask yourself how much of what we eat is actually imported. We are a net food importer. And the next important question is, among the imported foods, are they staple foods (like sugar, rice, etc.)?
The short term solution would be to support the ringgit. The real solution would be to have a global food security policy.
Zafrul is not dishonest and in some ways he is not wrong. It just sidesteps the larger issue of the underlying reasons for our cost of living increases.
OCT: The government will never admit its failures. It would be suicidal to do so. All the while, the government has blown its own trumpet saying that GDP will grow by almost 6% every year, when in fact that is not true.
Everything is rosy, according to the government. There is nothing to worry about. No money, borrow more.
The government has no concrete plan to stop our national debts but to increase the level of the debt. This year it is US$1 to RM4.50. Don’t be surprised that next year it will be US$1 to RM5.
Politicians are more interested in who should be in government than in the welfare of Malaysians. Moreover, the government is putting in place more restrictions and rules that are not conducive to investors.
Malaysia is leaning more towards religiously mandated policies which are not attractive to investors. Corruption is at an all time high. The same goes for the cost of life and death. We are in a hell of a bad patch.
Blue Mountains: On the one hand, they walk around handing out candy (to Mara’s officials and students) like Santa Claus.
On the other hand, they plan to reduce gasoline subsidies and reintroduce the Goods and Services Tax (GST).
Civil servants and retirees are entitled to free medical care under their terms of service and contract. However, they are now forced to pay for some expensive drugs due to lack of funds.
Where is the free medical service they are entitled to under their employment contract?
MRS: Enough is enough! I believe the time has come for a loud jihad against the rising US dollar.
How dare he elevate himself like this with no regard for our feelings? And without regard for any ‘ketuanan’!
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