A NAJIB-LINKED CONSPIRACY WITH CERTAIN FOREIGN MEDIA, ANALYSTS TO SMEAR MALAYSIA’S ECONOMY JUST AS IT TRIES TO PICK ITSELF UP AFTER HIS RAVAGES? WHEN RINGGIT IS DOWN WE ARE CAUTIOUS, WHEN IT US UP WE ARE HAPPY – GUAN ENG SAYS TREASURY WON’T INTERVENE IN DAILY FLUCTUATIONS, TO LOOK AT ITS PERFORMANCE OVER A ONE-YEAR PERIOD

THE ringgit’s performance must be measured throughout the year to get an accurate picture of its value, said Finance Minister Lim Guan Eng.

The comment comes as the local note plunged to its lowest level in three months last week.

The ringgit is currently valued at RM4.1340 to the US dollar.

Lim said the ringgit’s daily fluctuations are not an accurate reflection of its worth as, like others that are openly traded, will always go up and down.

The Treasury, Lim said, will not intervene even as the ringgit sank to 4.133 on April 17, its lowest in three months.

“When (the currency’s value) is down, we are careful but when it goes up, we are happy. That’s normal.

“But we should look at its performance over a one-year period. If we assess it on a daily level, it will not be accurate,”  Lim said at his ministry ahead of the one-year anniversary of the May 9 general election.

On April 18, International Trade and Industry Minister Darell Leiking said the plunge in the ringgit’s value was not yet a concern as other countries have seen similar fluctuations with their currencies.

Experts said the decline is likely due to negative news headlines and worries over the US-China trade war, which can impact on Malaysia’s export-reliant economy.

“I think BNM (Bank Negara Malaysia) has strategies to overcome this,” Leiking said.

Bernama reported that the local currency also fell against the Singapore dollar to RM3.0485 and to RM3.6923 to 100 yen.

The ringgit also fell against the euro at RM4.66, and RM5.4033 to sterling.

THE MALAYSIAN INSIGHT