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Saturday, August 8, 2015

Ringgit fall shows foreigners losing trust in Malaysian economy, says DAP lawmaker

DAP's Bukit Bendera MP Zairil Khir Johari says Malaysia's only area of growth is in construction, infrastructure development and oil and gas. – The Malaysian Insider pic by Kamal Ariffin, August 8, 2015.DAP's Bukit Bendera MP Zairil Khir Johari says Malaysia's only area of growth is in construction, infrastructure development and oil and gas. – The Malaysian Insider pic by Kamal Ariffin, August 8, 2015.The depreciation of the ringgit in recent months is proof that foreigners too are losing confidence in the Malaysian economy, and that such sentiments are not confined to Malaysians alone, DAP's Bukit Bendera MP Zairil Khir Johari said.
Speaking at the Malaysia Student Leaders Summit (MSLS) in Kuala Lumpur today, the first term lawmaker said that the bad performance of the currency shows that the "rest of the world" shares Malaysians' sentiments about the country.
"This shows low investor confidence and that the rest of the world also thinks the Malaysian economy is heading in the wrong direction," he said.
On Thursday, the ringgit breached RM3.90 against the US dollar for the first time since the Asian financial crisis 17 years ago, amid political tensions.
"Our growth is only coming from construction, infrastructure development and oil and gas sector,"  Zairil said.
- T

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