The ringgit is at a 24-year low against the US dollar but it is expected to fall further with the upcoming elections causing a political risk that is adding to the troubles the local currency is facing.
There is also added risks with the Budget 2023 now hanging in the balance as it appears it was a big mistake by the Ismail Sabri Yaakob regime to table the budget before the dissolution of the Parliament. No wonder Minister of Finance Tengku Zafrul Aziz was a locomotive during the Budget speech.
His performance on Oct 7 adds more worries to the economy since the budget that depends largely on Petronas money has now backfired, and could add more pressure on the ringgit!
