May 22, 2022

Statement on the Declining Ringgit

Yet another week has ended on the same note: the continuing saga of the ringgit’s descent. The money the people work hard for means less with each completed workday.
We are beyond concerns for the future of our economy. We are trapped in a cycle where we work harder and make less while the price of basic needs rise exponentially.

While much of the global economic chaos of the past couple months can be blamed on a continued recovery from pandemic declines and the disruptions of the war in Ukraine, the situation in Malaysia remains dower without any turn arounds in sight while others are allowed to see a return to normalcy. There is more to the Malaysian situation here.

The ringgit’s dissipating value demonstrates that the world has lost confidence in Malaysia. Short term solutions and quick fixes, the leitmotif of this government, will simply not do.

We need leadership that first must inspire the confidence of the people before we can dream of inspiring foreign confidence and then investment. A proper plan for a proper recovery requires complex thinking and an appreciation for the complexity of contemporary economics.

I compel the government to give the rakyat such a plan, one that is long-term and can inspire the confidence we all deserve. The people’s work is paramount to bringing this nation back and you the people deserve just reward for your labour.


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