JULY 2 — The recent ringgit depreciation has raised concerns among the public. Headlines characterised the ringgit as “worst-performing”, “in a freefall” among others....
JULY 2 — The recent ringgit depreciation has raised concerns among the public.However, the recent ringgit movement is not unique to Malaysia alone. Take for example China and Japan, they have announced that they will curb excessive depreciation of their currencies.Comparisons between the ringgit and the Singapore dollar aren’t helpful either.
This does not mean Bank Negara Malaysa should follow in their footsteps and raise the OPR at such a rapid pace. We must shift the discourse away from focusing on short-term measures such as the nitty-gritty of subsidies, cash handouts, short-term ringgit movements, and OPR. The overt focus that we are placing on these topics instead of more productive ones on structural reforms will doom us in the long-run.
But our economy has somewhat stagnated since. We are still growing but not as much as our peers. In the global economic race, we will need to keep up with the pace of the other economies or we will be left behind.Firstly, the issue of innovation. Our economy currently lacks impactful innovation, but for all the wrong reasons.
Secondly, the issue of political stability and corruption. Looking at the ringgit from a longer-term perspective, the ringgit depreciated sharply around 2015 and settled into a new long-term average .
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