The ringgit has fallen to a 26 year low of 4.7965 dropping 0.2% on Tuesday being its weakest level since the 1998 Asian Crisis when it sank to an all time low of 4.8850.
According to a Reuters report, the currency has slid by over 4% this year also and its only been two months now adding to the losses over the past three years. The international media is placing the weak MYR to poor economic growth and the over dependency on China’s economy which is sluggish at the moment.
Prime Minister Datuk Seri Anwar Ibrahim has called on Central Bank Governor Datuk Shaik Abdul Rasheed Ghaffour to give an explanation to the public on the ringgits performance.
Malaysia today released its trade figures showing a strong double digit rebound with after 10 months of contraction, analysts are expecting the economy to grow 4-4.5% this year after a subdued 3.7% in 2022.
