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By Mihar Dias (C) Copyright February 2024
As the Malaysian ringgit continues its downward spiral, it's hard not to feel like we're watching a slow-motion car crash – one where the car is the economy and the crash is, well, also the economy.
The latest news of the ringgit hitting its lowest level since the Asian financial crisis in 1998 is about as surprising as finding out that water is wet or that politicians sometimes bend the truth.
According to the experts – you know, those people who are paid to make educated guesses about things they can't possibly predict – the ringgit's woes can be attributed to a variety of factors, including poor export performance, rising US interest rates, and probably a few bad vibes thrown in for good measure.
Malaysia's central bank governor, Datuk Abdul Rasheed Ghaffour, pointed fingers at "external factors" like US rate hikes, geopolitical concerns, and uncertainty about China's economic prospects. Because, as we all know, when in doubt, blame it on the big guys with the big bucks.
It's like blaming your lousy cooking on the quality of the groceries – sure, it might be true, but it doesn't make the meal any less inedible.
But fear not, dear Malaysians, for there is hope on the horizon! According to Malaysia’s second finance minister, Amir Hamzah Azizan, all the hard work put in by the prime minister and finance minister will eventually pay off.
How, you ask? Well, apparently, their efforts to bring in foreign direct investments will magically strengthen the local economy and, by extension, the ringgit.
It's a bit like saying that if you keep buying lottery tickets, eventually you'll win the jackpot – statistically true, but not exactly a foolproof plan for financial success.
So, while we wait for the ringgit to make its miraculous recovery, maybe we should take a page out of the otters' playbook. After all, they seem to be thriving in these turbulent economic times. Perhaps they know something we don't.
Otters, despite their size, are resourceful creatures. They crack open shellfish using tools, showing that innovation and adaptation can overcome seemingly insurmountable challenges.
In the same way, Malaysians can look within, improvise, and find new ways to navigate these tough economic times.
Don't rely on politicians to solve your economic problems.
That reminds me of a slogan "Najib goes down, ringgit goes up." Umno Youth Chief Dr Muhamad Akmal Saleh mocked the current economic situation by linking the slogan that the depreciation of the national ringgit has something to do with the performance of the administration of former prime minister Datuk Seri Najib Razak.
Akmal said that he missed the slogan which stated that the value of the ringgit would rise again if Najib steps down from his position as Prime Minister.
Don't believe any one politician can single-handedly solve our currency crisis.
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