Dato’ Seri Najib Razak wants Malaysians to believe that “the ringgit had performed better than the currencies of many other large commodity exporter countries, and forecasters had predicted that it will regain its strength”.
Is the Prime Minister trying to convince us that the 5.9% appreciation of the ringgit from RM4.49 to the dollar on 1 January 2017 to RM4.24 today is an achievement worthy of a standing ovation from Malaysians?
Does he need reminding that when he became the Prime Minister on 9 April 2009, the exchange rate was RM3.58 to the dollar or 18% higher than what it is today? As a matter of fact, since the 2013 general election, the ringgit has tanked significantly on an annual basis.
In 2014, the ringgit slumped 6.3% from 3.281 on 1 January to 3.502 a dollar on 31 December.
The Prime Minister had then told us in January 2015 that the Ringgit will bounce back from the then five-year low versus the US dollar as “Malaysia's financial market is sufficiently robust”. Believe it or not, the Ringgit was then trading at 3.50 to the Dollar, which now seemed like a parallel universe away.
Instead, in 2015, the ringgit collapsed 18.5% to 4.303 a dollar on 31 December.
Even then, despite continued re-assurance from the Government and Bank Negara that our currency was undervalued and unjustifiably depreciated for those 2 years, the ringgit tanked a further 9.6% in 2016.
If we had all trusted Dato’ Seri Najib Razak and invested based on his financial advice, some of us would be bordering on suicidal tendencies today.
The thing is, if every other currency had declined at the same rate against the Dollar, it wouldn’t have felt so bad. What is particularly galling is that the Ringgit performance is the worst among all the major regional currencies over the past few years. We have weakened significantly against the Hong Kong and Singapore dollar, the Thai baht, the Indonesian rupiah, the Chinese yuan and many more. Hence the Prime Minister’s call for a celebration for a marginal improvement in the exchange rates this year is a serious case of clutching at straws.
It appears that everyone knows the real cause of the ringgit’s terrible performance except our clueless or pretend-to-be-clueless Prime Minister and his merry men. The fundamental cause is because of the complete collapse in confidence in our currency and economy ever since we have been outed as a major global kleptocracy and the failure of the Malaysian authorities and Government to take any action against those responsible.
The direct consequence of a badly depreciated ringgit is not only significantly higher travel cost overseas, it is the much higher cost of imports which translates into the highest inflation rates Malaysia is facing since the last global financial subprime crisis.
We cannot let Najib’s focus on the Ringgit’s short-term improvements distract us from the bigger picture. In order for the Ringgit to recover to RM3 to the dollar, the only way will be to rid the country of a kleptocratic administration and implement clean, transparent and competitive economic policies to bring back the confidence of local and foreign investors in Malaysia.
Showing posts with label Ringgit. Show all posts
Showing posts with label Ringgit. Show all posts
Thursday, October 26, 2017
Thursday, February 02, 2017
No clarity, more obfuscation: BN Strategic Communications Team's lengthy answer on how the Government arrived at a painful 20 sen hike for February petrol prices
I had issued a statement yesterday demanding that Dato’ Seri Najib Razak explain exactly how the Government arrived at a painful 20 sen increase for petrol prices.
RON95 and RON97 prices went up by 20 sen to RM2.30 (9.5%) and RM2.60 (8.3%) respectively while diesel cost went up by 10 sen to RM2.15 (4.9%).
This follows from the already big hike Malaysians have experienced since January where all types of fuel already increased in price by 20 sen.
Malaysians deserve a straightforward answer from the Government because they cannot fathom why the prices of fuel was upped significantly even though global crude oil prices have declined over the past month. What’s more, the beleaguered Ringgit actually recovered marginally which should ease the price pressures further.
Instead of receiving any response from any responsible Minister, much less the Finance and Prime Minister, we got a reply from the “BN Strategic Communications Team”. We don't know who they are, or even know what is their capacity to respond on behalf of the Government.
Regardless, taking their response at face value, they failed to provide any clarity on how the Government arrived at the painful 20 sen quantum of hike. If they could write such a lengthy essay to rebut my simple question, why couldn't they just attach the spreadsheet to justify the increase?
It explained that the pump prices was calculated from the average refined oil prices as measured by the “Singapore Means of Platts” (MOPS), which is already a widely acknowledged fact.
However, all that was further relevant from the statement was a paragraph which said, “a check on the MOPS would show that the average price of motor gasoline 95 unleaded for January had stabilised in a range of US$69 to US$70 per barrel and was materially higher than the average price in December 2016 where the price had steadily increased from US$62 at the beginning of the month to US$68 by December’s end.”
If the BN Strategic Communications Team is so confident of the numbers, why did they try to obfuscate the statistics with a fuzzy range of numbers, instead of just providing the specifics to justify the 20 sen hike?
I did the BN Strategic Communications Team a favour by doing the calculation on their behalf.
The average MOPS95 price for December 2016 is US$66.553 per barrel or US$0.4186 per liter. That works out to RM1.8753 per liter at the then exchange rate of US$1:RM4.48.
MOPS95 averaged slightly higher at US$68.820 per barrel or US$0.4328 per liter in January. In turn, it translates to RM1.9130 per liter (US$1:RM4.42).
Hence based on the exact explanation provided by the BN Strategic Communications Team, the difference in price is only 3.8 sen more for January.
If so, why did the Government increase by so much more at 20 sen?
Therefore, my question raised yesterday remains unanswered, and Dato’ Seri Najib Razak, as both the Finance and Prime Minister, must explain why the price of petrol has increased so significantly despite the above.
The Ministry of Finance must disclose if the Government is actually imposing hidden taxes on the consumers to cover up for Government budget shortfalls.
Once again, we call for the full disclosure of the data, formula and exact details on how the fuel price hikes are calculated so that Malaysians know exactly why they have been forced to suffer as a result of the Government’s policies.
RON95 and RON97 prices went up by 20 sen to RM2.30 (9.5%) and RM2.60 (8.3%) respectively while diesel cost went up by 10 sen to RM2.15 (4.9%).
This follows from the already big hike Malaysians have experienced since January where all types of fuel already increased in price by 20 sen.
Malaysians deserve a straightforward answer from the Government because they cannot fathom why the prices of fuel was upped significantly even though global crude oil prices have declined over the past month. What’s more, the beleaguered Ringgit actually recovered marginally which should ease the price pressures further.
Instead of receiving any response from any responsible Minister, much less the Finance and Prime Minister, we got a reply from the “BN Strategic Communications Team”. We don't know who they are, or even know what is their capacity to respond on behalf of the Government.
Regardless, taking their response at face value, they failed to provide any clarity on how the Government arrived at the painful 20 sen quantum of hike. If they could write such a lengthy essay to rebut my simple question, why couldn't they just attach the spreadsheet to justify the increase?
It explained that the pump prices was calculated from the average refined oil prices as measured by the “Singapore Means of Platts” (MOPS), which is already a widely acknowledged fact.
However, all that was further relevant from the statement was a paragraph which said, “a check on the MOPS would show that the average price of motor gasoline 95 unleaded for January had stabilised in a range of US$69 to US$70 per barrel and was materially higher than the average price in December 2016 where the price had steadily increased from US$62 at the beginning of the month to US$68 by December’s end.”
If the BN Strategic Communications Team is so confident of the numbers, why did they try to obfuscate the statistics with a fuzzy range of numbers, instead of just providing the specifics to justify the 20 sen hike?
I did the BN Strategic Communications Team a favour by doing the calculation on their behalf.
The average MOPS95 price for December 2016 is US$66.553 per barrel or US$0.4186 per liter. That works out to RM1.8753 per liter at the then exchange rate of US$1:RM4.48.
MOPS95 averaged slightly higher at US$68.820 per barrel or US$0.4328 per liter in January. In turn, it translates to RM1.9130 per liter (US$1:RM4.42).
Hence based on the exact explanation provided by the BN Strategic Communications Team, the difference in price is only 3.8 sen more for January.
If so, why did the Government increase by so much more at 20 sen?
Therefore, my question raised yesterday remains unanswered, and Dato’ Seri Najib Razak, as both the Finance and Prime Minister, must explain why the price of petrol has increased so significantly despite the above.
The Ministry of Finance must disclose if the Government is actually imposing hidden taxes on the consumers to cover up for Government budget shortfalls.
Once again, we call for the full disclosure of the data, formula and exact details on how the fuel price hikes are calculated so that Malaysians know exactly why they have been forced to suffer as a result of the Government’s policies.
Tuesday, January 31, 2017
Dato’ Seri Najib Razak must explain why the price of petrol increased so drastically despite international crude oil prices having fallen slightly in January
Malaysians of all races returning from the Chinese New Year holidays received a shock when Dato’ Seri Najib Razak presented them with a big “ang pow”, a big hike in fuel prices. RON95 and RON97 prices went up by 20 sen to RM2.30 (9.5%) and RM2.60 (8.3%) respectively while diesel cost went up by 10 sen to RM2.15 (4.9%).
This follows from the already big hike Malaysians have experienced since January where all types of fuel already increased in price by 20 sen.
While it was painful, Malaysians could perhaps have understood when fuel prices went up for January. It was as a result of an increase in global crude oil prices for the month of December. Brent crude prices went up from US$51.48 to US$56.73 in December 2016.
However, Malaysians cannot understand why the prices were increased for February when the Brent crude price actually declined slightly in January to approximately US$55.86.
Even when we try to second guess that perhaps it’s due to the ringgit depreciation, it also doesn’t add up.
In December 2016, the ringgit depreciated from RM4.38 to RM4.48 for every US Dollar. However, for January 2017, the ringgit is currently trading at approximately RM4.42 to the dollar, which means it has strengthened marginally for the month.
Therefore, the increase in fuel prices cannot be as a result of any increase in crude oil prices or further depreciation of the ringgit.
Hence Dato’ Seri Najib Razak, as both the Finance and Prime Minister, must explain why the price of petrol has increased so significantly despite the above.
The Ministry of Finance must disclose if the Government is actually imposing hidden taxes on the consumers to cover up for Government budget shortfalls?
Barely a week ago, Dato’ Seri Najib Razak said he did not want a situation where ministries use excuses, like “not enough budget” to not implement people-oriented projects. “Not receiving money or not enough budget should not be an excuse for any operating ministries to not start a project or programme,” he added.
If the above the reason for the hefty hike in fuel prices so that the people are forced to pay for the so-called “people-oriented projects”, so that the Najib-BN administration can claim credit?
We call for the full disclosure of the data, formula and exact details on how the fuel price hikes are calculated so that Malaysians know exactly why they have been forced to suffer as a result of the Government’s policies.
Thursday, January 05, 2017
While blinkered Treasury-General Tan Sri Irwan Serigar continues to praise the Emperor’s new clothes, little hope of seeing meaningful changes to Malaysia’s drifting economy
The dreadful performance of the Malaysian ringgit and a listless economy under-performing its potential are not merely depressing news but have caused Malaysians plenty of pain.
And yet, the most senior civil servant in the Ministry of Finance, arguably a most powerful one, the Treasury-General insisted that all is well, and what is wrong is only “a matter of perception”.
"I go to restaurants and supermarkets, who are there? People are buying and travelling. Some group of people are making noise as though the whole country is in trouble,” Tan Sri Irwan Serigar quipped at a press conference yesterday.
We are stunned that the Treasury-General thinks that just because there are people in restaurants and people are still visiting the supermarkets for the daily needs, everything’s fine and dandy with the economy.
Does he expect all Malaysians to be jobless and living in the streets begging for food before he would recognise that the economy is in trouble?
According to him, the plummeting of the ringgit was a short-term phenomenon that would recover in the middle-term following the measures taken by Bank Negara Malaysia (BNM).
However, isn’t that exactly what the Ministers and BNM have been telling Malaysians annually over the past 4 years as the ringgit lost more than 40% of its value against the dollar? How can it still be a short-term problem when we are consistently the worst performer among the major regional currencies for each of the past few years?
Worse, the latest Nikkei Malaysia Purchasing Manager’s Index (PMI) clearly cited that our manufacturing production has been shrinking for 21 consecutive months, with no signs of improvement.
The PMI is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.
How can Tan Sri Irwan continue to insist that all is well when our manufacturing performance is so pathetic despite the fact that our substantially depreciated currency should have made our goods so much cheaper and competitive?
The biggest shocker from the press conference however, is the fact that he believed that all the negative perception arising from the problems with the economy will be righted and vanished immediately once the media publish his “all is well and good” assurance.
He told the media to contribute to the ringgit appreciation through positive reports about the currency and economy. "Hopefully, when you publish today's briefing, the ringgit will be strengthened," said Tan Sri Irwan.
How we Malaysians can renew our hopes on the economy when we have such a hopeless Treasury-General is beyond me.
Tan Sri Irwan Serigar’s refusal to address and resolve the issues surrounding the tens of billions of ringgit which have been siphoned from the Ministry of Finance subsidiaries, 1MDB and SRC International, which made Malaysia an infamous kleptocratic capital of the world is one thing. After all, he is not the first person you would accuse of “cari makan”.
However, his woeful attempt to wave away our economic misery with his magic wand without recognising the problems we face and without offering any concrete measures to remedy the situation proved beyond doubt that the Najib administration is completely bankrupt of ideas.
In order to have any chance of reviving our currency and economy, the Najib administration must be replaced and there is no better time than the impending general election.
And yet, the most senior civil servant in the Ministry of Finance, arguably a most powerful one, the Treasury-General insisted that all is well, and what is wrong is only “a matter of perception”.
"I go to restaurants and supermarkets, who are there? People are buying and travelling. Some group of people are making noise as though the whole country is in trouble,” Tan Sri Irwan Serigar quipped at a press conference yesterday.
We are stunned that the Treasury-General thinks that just because there are people in restaurants and people are still visiting the supermarkets for the daily needs, everything’s fine and dandy with the economy.
Does he expect all Malaysians to be jobless and living in the streets begging for food before he would recognise that the economy is in trouble?
According to him, the plummeting of the ringgit was a short-term phenomenon that would recover in the middle-term following the measures taken by Bank Negara Malaysia (BNM).
However, isn’t that exactly what the Ministers and BNM have been telling Malaysians annually over the past 4 years as the ringgit lost more than 40% of its value against the dollar? How can it still be a short-term problem when we are consistently the worst performer among the major regional currencies for each of the past few years?
Worse, the latest Nikkei Malaysia Purchasing Manager’s Index (PMI) clearly cited that our manufacturing production has been shrinking for 21 consecutive months, with no signs of improvement.
The PMI is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.
How can Tan Sri Irwan continue to insist that all is well when our manufacturing performance is so pathetic despite the fact that our substantially depreciated currency should have made our goods so much cheaper and competitive?
The biggest shocker from the press conference however, is the fact that he believed that all the negative perception arising from the problems with the economy will be righted and vanished immediately once the media publish his “all is well and good” assurance.
He told the media to contribute to the ringgit appreciation through positive reports about the currency and economy. "Hopefully, when you publish today's briefing, the ringgit will be strengthened," said Tan Sri Irwan.
How we Malaysians can renew our hopes on the economy when we have such a hopeless Treasury-General is beyond me.
Tan Sri Irwan Serigar’s refusal to address and resolve the issues surrounding the tens of billions of ringgit which have been siphoned from the Ministry of Finance subsidiaries, 1MDB and SRC International, which made Malaysia an infamous kleptocratic capital of the world is one thing. After all, he is not the first person you would accuse of “cari makan”.
However, his woeful attempt to wave away our economic misery with his magic wand without recognising the problems we face and without offering any concrete measures to remedy the situation proved beyond doubt that the Najib administration is completely bankrupt of ideas.
In order to have any chance of reviving our currency and economy, the Najib administration must be replaced and there is no better time than the impending general election.
Wednesday, January 04, 2017
2017 – Relief and recovery for the Ringgit, or more pain and punishment?
While 1MDB and the Prime Minister Dato’ Seri Najib Razak’s kleptocratic scandals were unquestionably the most talked about topic for 2016, it is the Ringgit’s relentless depreciation which would have caused the most pain for ordinary Malaysians.
Over Christmas, I managed to take my family for a week’s holiday in Chiang Mai – our first since I was banned from overseas travel for allegedly taking part in “activities detrimental to parliamentary democracy” in July 2015.
One would have assumed that travelling to the “backwaters” like rural Thailand would have been easy on the pocket. Well, in the past, trips to Thailand did make me feel “richer”. When you walked the colourful and rambunctious street markets, you needed to exercise maximum self-restraint to prevent oneself from having to purchase additional luggage space from AirAsia because everything was “cheaper”.
Not anymore. Now, the Baht-Ringgit exchange rate will automatically keep you disciplined.
As late as August 2014, the currencies were trading at 10 Baht to the Ringgit. Today, it’s 8 to 1. And to rub salt on the wound, the Ringgit ain’t particularly welcomed by our neighbours.
Needless to say, if a trip to Thailand could make you feel kinda poor, a journey south to Singapore would make you feel like a destitute. Think about it, a budget Hotel 81 room in the fringe of the city would cost you just about S$100, or RM310 per night.
Ringgit déjà vu?
So, will we get to see some desperately yearned for relief and recovery of the Ringgit this year?
Most pundits are telling us that the Ringgit is undervalued and will recover by the second half of this year. PublicInvest Research said the Ringgit will recover to average between 4.10 and 4.15 for 2015 against the US Dollar, which is currently trading at 4.48.
Dato’ Seri Najib Razak would similarly like you to believe that the ringgit will recover.
“With the recent changes and developments, we are confident the ringgit will recover. It is due to speculation by outsiders and the uncertainties in the United States that the ringgit dropped, and not because the ringgit is weak,” he said in December when the Ringgit traded at 4.42 to the Dollar.
But didn’t they all say the same thing last year? Or for that matter, the year before?
The Prime Minister told us way back in January 2015 that the Ringgit will bounce back from the then five-year low versus the US dollar as “Malaysia's financial market is sufficiently robust”. Believe it or not, the Ringgit was then trading at 3.60 to the Dollar, which now seemed like a parallel universe away.
If we had all trusted our Ministers and invested based on his financial advice, some of us would be bordering suicidal tendencies today. 2016 was the Ringgit’s 4th consecutive year of decline against the US Dollar.
The thing is, if everyone else had declined at the same rate against the Dollar, it wouldn’t have felt so bad. What is particularly galling is that the Ringgit performance is the worst among all the major regional currencies.
In 2015, the excuse given was straightforward – the Ringgit suffered more because we were an oil-exporting nation. As the price of global crude collapsed from US$102.10 in January 2014 to US$60.70 (Dec 2014) to US$36.57 (Dec 2015), it is almost understandable that the Ringgit would be disproportionately pummelled.
The pundits had predicted that the Ringgit would recover with the recovery of oil prices last year. They were indeed spot on in their prediction of higher oil prices with the Brent crude trading at US$55 a barrel by December 2016. Unfortunately, despite the oil price reversal, the Ringgit value worsened significantly.
How was that even possible?
No more an export powerhouse
Back in November 2015, the then Bank Negara Governor, Tan Sri Zeti Aziz told an international audience that the Ringgit was “significantly undervalued” as our “export growth remains fairly strong”.
Except it wasn’t.
Conventional economic theory tells us that as our currency gets depreciated, our goods become cheaper and consequently the demand for them increases. A robust increase of the export of our goods and services would in turn increase the demand for our currency and hence provide a strong platform for the recovery of our ringgit and economy.
Well, the Ringgit was massacred in 2015 when it depreciated by nearly 20%. On paper, that makes our exports dirt cheap in 2016. And given that we have always prided ourselves as an export-oriented economy, our goods should definitely be flying off the shelves as they became extremely competitive.
But the Government’s own statistics tell us that our exports barely eked out a gain. The 2016/2017 Economic Report published in October 2016 tells us that our Gross Exports for January to August 2016 grew by only 1.1%, compared to 1.6% in 2015.
More specifically, the electrical and electronics exports, the pride of our manufacturing industry, grew by only 2.2%, a substantial decline from 7.4% in 2015. While 2.2% might have been just about acceptable under normal economic circumstances, the number is pathetic given the depreciation the Ringgit suffered.
Worse news followed since the above report, when the Department of Statistics disclosed last month that our exports declined 3.0% and 8.6% for the months of September and October respectively.
Separately, the latest Nikkei Malaysia Manufacturing Purchasing Managers' Index, or PMI which measures manufacturing activities shows that the sector “in contraction territory for 21 consecutive months”.
The headline PMI posted for December was 47.1 signalling continued deterioration. A score above 50.0 signals improvement in manufacturing conditions, and Malaysia has not reached a score of 50.0 since early 2015.
Living and La-La Land
There is no question that our economy is suffering from something chronic which needs immediate treatment. Alarm bells should have been blaring deafeningly in Putrajaya but all we get is Ministers with their heads in the sand.
Prime Minister Najib Razak welcomed 2017 by boasting that Malaysia has achieved a growth rate the Western world can only “dream of”.
“Our estimated growth rate of 4.3 to 4.5 percent for this year is one that developed countries in Europe and North America can only dream of. Malaysians should be proud of the growth we are achieving.”
A statement from the Barisan Nasional strategic communications team earlier in December also boasted that “Malaysia’s economic growth is less volatile and more robust than Singapore’s as a result of the Najib administration’s shift towards the domestic economy.”
Of course the fact that developed countries have a different growth trajectory compared to developing ones was irrelevant. What was more important to the ruling leadership was the continued thumping of the chest to praise and glorify the Emperor in the eyes of seemingly gullible Malaysians, even if the Emperor is really naked.
So what’s really happening?
A loss of confidence
The anticipated explosive growth in exports and manufacturing activity as a result of persistent depreciation of the Ringgit never materialised. Either no one wants to buy more Malaysian products even though they are significantly cheaper or more plausibly, businesses and investors are not investing in additional production capacity in Malaysia.
They are at best adopting the “wait and see” strategy or at worst, have decided in investing their money in other countries. There could be many reasons for this, including perhaps a increasingly limited supply of skilled and quality labour, a weakening education system or the bureaucratic and corruption cost of doing business.
However, anecdotal evidence would tell you that one of the key factors is the fact that they have lost confidence in the country. A country led by a Prime Minister who has been indicted as one of the worlds biggest kleptocrat would and could never inspire confidence in genuine investors.
The complete failure of the institutional authorities to take enforcement actions against blatant and brazen corruption has destroyed whatever that’s left of Malaysia’s long-standing reputation as a country they could do business in.
Bank Negara saves the day?
Bank Negara Malaysia is now forced to implement increasingly desperate measures to stem to tide against the Ringgit. They now include the restricting the off-shore trade of the Ringgit via non-deliverable forward contracts, and more controversially, the move to compel exporters to convert 75% of their proceeds into Ringgit.
The Central Bank is claiming success for its policies, stating that the measures are starting to bear fruit, following lower volatility in the ringgit. Sure, such short term measures will provide immediate support for the Ringgit as it mops up whatever excess liquidity existing today.
However, as explained earlier, Malaysia being an “export-oriented country” is heavily dependent on continued investments in our export sectors, manufacturing or otherwise. If the use of your future export proceeds are restricted and the hidden cost of doing business in Malaysia increases, then who would want to invest in new or additional production capacity in the country?
Current exporters would not have a choice in the repatriation of export proceeds as demanded the authorities. But they and future investors – both local or foreign – have a choice in where they choose to invest in the future. With alternative competing investment destinations aplenty today, such short-term Bank Negara measures will only further dampen the medium and longer term demand for the Ringgit, jeopardising any eventual recovery.
A new normal
We used to pride ourselves as an export and manufacturing powerhouse. We are used to being described as an “economically resilient” country, even if it was somewhat a function of striking oil lottery, especially during the decade of high oil prices.
Unfortunately, the hard statistics are becoming hard to refute.
I would be foolish to give a specific prediction of how the Ringgit will perform over the next 3, 6 or 12 months even as it hit 4.50 to the Dollar yesterday, a new record low since the Asian Financial Crisis. However, it would be more than fair to say that the downside risks significantly outweigh the upside prospects given the reasons explained above.
For Malaysians, perhaps its time to accept the new normal. We have lost more than 40% of our wealth in US Dollar terms over the past 3 years. The lost of wealth will be reflected in higher prices of goods and services – including the higher price of petrol as oil is traded internationally in Dollars.
Although it is not impossible, this new normal will be extremely difficult to reverse. In fact, it more than likely to get worse given the utter inability by the Najib administration to rectify the failures of the economy.
I would be foolish to give a specific prediction of how the Ringgit will perform over the next 3, 6 or 12 months. However, it would be more than fair to say that the downside risks significantly outweigh the upside prospects given the reasons explained above.
The only way Malaysians can hope for “the good old days” to return is to see a change of regime. The new regime needs to cleanse the country of its kleptocratic reputation and wipe out the scourge of grand corruption from the Government. It needs a new, intelligent economic team which isn’t encumbered by sacred cows decreed by those who are desperate to stay in power at all costs. It really isn’t rocket science.
Then perhaps, we will see a meaningful, significant and sustained recovery of the Ringgit, and our wealth over the longer term.
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