THE prophets of doom, who have been wishing for the worst for ringgit and the economy partly to make a killing for themselves and partly to justify calls to get rid of PM Najib Razak, aren't too happy. But who cares, right? We all love the Ringgit, especially when it buys a little bit more ...
|The Malaysian Reserve front page Oct 8|
|Bloomberg, Oct 9|
Ex financial journalist Bujai explains why the ringgit is useless to some when it's doing well against the USD:
"When the local currency took a dive since early August, critics blamed it on Prime Minister Najib Razak's 'scandal' and 1MDB. They didn't believe in other dominating factors such as the oil price slump and weaker market sentiment worldwide.
Some blogs even predicted the ringgit would 'burst' at RM5 per dollar, and worst still, Najib and his government were blamed for the haze!And now that the ringgit is appreciating steadily against the dollar, they attributed to the weakening greenback and increasing oil prices.No credit whatsoever to Putrajaya, our economist and Bank Negara for standing up for the ringgit and the decision not to peg it to dollar."