News and views that matter. Malaysiakini is an online news portal published in Malay, English, Chinese and Tamil. Malaysiakini receives over millions of page-views per day and is one of the most trusted news brand in Malaysia.
COMMENT | Were Prime Minister Anwar Ibrahim and his Madani government responsible for turning the ringgit around? And were they responsible when the ringgit declined earlier this year?The answer to both questions is a resounding no! This Madani government cannot claim credit for short-term movements in the ringgit just as they are not to blame for the most recent decline of the ringgit from around 4.1 to the US dollar to the 4.3 mark and the decline earlier this year.
As anyone who knows foreign exchange markets and any economist worth his salt will tell you, short-term movements in the ringgit are due almost entirely to immediate demand and supply for the currency.Short-term demand can be affected by things such as delays in the remittance of US dollar earnings to Malaysia for various reasons and even converting US dollar loans to ringgit proceeds.The former delays a demand for ringgit.
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