Why is the Ringgit low? This message on WhatsApp tells it all. It says Malaysia has trade surpluses, with exports exceeding imports and that is sufficient for the RM to be high-flying.
“Malaysia normally has trade surpluses (exports exceeding imports). Why then was our currency depreciating? The leakages due to corruption, excessive govt borrowing through bonds held by foreigners, unstable politics, and lack of FDIs has rendered our currency weak.
“Capital outflows each time the US raises interest rates, and consequent depreciation in our currency shows how vulnerable and weak is our economic management. The worst aspect of our national borrowing is that it has not gone for development expenditure or improving the productive capacities of the nation. Not even towards the ability to defend the country!”
These comments are found in WhatsApp groups and are forwarded many times to friends and to other groups. How true is all this? Ex-PM Najib Razak should answer with a tweet behind bars.
Why is the Ringgit low?
