NAJIB GIVES EXCUSES: RINGGIT NOT THE ONLY CURRENCY THAT FELL BUT SILENT ON WHY IT’S AMONG THE WORST
PUTRAJAYA – Prime Minister Datuk Seri Najib Razak today expressed confidence that measures taken by Bank Negara Malaysia will help stabilize the value of the ringgit that has slid against the US dollar.
Speaking to civil servants at the Prime Minister’s Department monthly assembly today, Najib said that the ringgit was not an “exception” when it comes to currencies’ depreciating value.
“Out of 149 currencies in the world, 123 have depreciated against the US dollar, so the ringgit is not an exception,” he said.
He said that the ringgit’s depreciation is caused by excessive offshore speculation, the fall of crude oil prices, and interest rates of the US Federal Reserve.
“But Bank Negara are taking measures which can stabilise the ringgit and would help stop the volatility,” he added.
BNM had set out measures to intervene and to control the ringgit’s value in the foreign exchange market late last year.
The ringgit, which has been declining since the fall of crude oil prices in late 2014, took a further hit late last year following the victory of Donald Trump in the US presidential elections.