Malaysia is not experiencing an economic crisis just because the ringgit is trading at a low level against the United States (US) dollar, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He explained that the ringgit’s performance should be viewed holistically, not just in comparison with the US dollar, as the local note has also strengthened against other currencies.
“While the ringgit has depreciated by 7.5 per cent against the US dollar since the beginning of 2022, many currencies in the region and developed countries have also fallen against the greenback.
“For example, the Japanese yen has slid 19.2 per cent, the lowest in 24 years; the pound sterling has dropped 14.4 per cent, the lowest in 37 years; and the euro has weakened by 11.7 per cent, the lowest in 20 years,” Tengku Zafrul said in a video posted on his social media page.
