Deja vu as ringgit touches 3.80

I had a moment of deja vu when my young friend Muda, a Malaysian in the US, tagged me to his post about the ringgit doing 3.8997 against the greenback on Wednesday. "Let's go @anwaribrahim_my. Next stop 3.75." 

The ringgit has seen a strong resurgence, indeed, emerging as one of Asia's best-performing currencies this year, driven by robust economic fundamentals, rising tech exports, and investor confidence. 

It had not smelled 3.80 in a decade. Some predicted it never would. 

"3.80 is a magical number. Tun Mahathir pegged the ringgit at 3.80 against the greenback the same day he sacked Anwar Ibrahim in 98," I replied to Muda. 

He was probably too young to have any memory of that tumultuous time. 

It was September 2 1998, the height of the Asian Financial Crisis. Mahathir Mohamad, the PM then, was facing mounting pressue to step down. His couterparts in Thailand and Indonesia had already subscribed to IMF's rescue plan. 

But instead of "succumbing", Mahathir decided to go rogue by pegging the ringgit and enforcing other capital controls. He also sacked his deputy, who was proving to be a major threat. Anwar, also Finance Minister, was a strong advocate of IMF's remedy for Malaysia and the region. His sin, however, was for implying that Mahathir was the reason behind the deep-rooted corruption, cronyism and nepotism responsible for the country's vulnerability during the crisis. 

I was the Editor of Business Times, Malaysia's only financial daily at the time. I remember wanting to lead the next day's edition with the sacking but Kadir Jasin, the Group Editor In Chief, said BT should go with pegging and capital controls. Both were sensational. 

The sacking was just a start. Anwar was later tried for sodomy and corruption. He was detained without trial under the Internal Securities Act and then a total of 11 years behind bars. 

The peg was lifted in 2005. Anwar was kept in jail, on and off, until his royal pardon in 2018.

Today, 28 years on, Anwar is the Prime Minister after winning the 2022 General Election, the same one that saw Mahathir, now 100, lose badly (his first election defeat in 53 years!).

The ringgit was never the same after the Asian Financial Crisis. After the peg was removed in 2005, the best it did was 3.16. In 2015 when the 1MDB shit hit the fan, it fell to historical lows. The last time it tested 3.80 was in 2015.. By the time Mahathir ended his ill-fated second tour as PM in 2020, the ringgit stayed down around 4.80. 

When Anwar became PM on 24 Nov 2022, the ringgit surged by 1.8 percent, it's largest single-day gain since March 2016. The next day it improved further to 4.45 vs dollar. But analysts were not impressed. A flash in the pan. Many predicted the currency would remain weak. 

Dr Sailesh K. Jha, RHB Bank's group chief economist and head of financial market research, was just one of them: "Our year-end target is 4.6, and the first half of next year (2023), we're at 4.7 to 4.8. So there's been no major changes in our currency view." 

Fast forward to the start of 2026, analysts remained diffident. The Edge spoke to two of them on Jan 8. While Mizuho Research said the Malaysian currency could breach the 4.00 threshold in the second quarter, it's average forecast for the year was about 4.015, "with the ringgit spending most of 2026 knocking on the door of 4.00."

UOB Global Economics and Markets was even more cautious. Despite Malaysia's "remarkable fundamentals", its FX Strategist Peter Chia saw the ringgit as somewhat overbought. "We are a little more cautious about projecting strength beyond the 4.00 level at this point in time. Our forecast is for the ringgit to stay around four." 

The ringgit had other ideas. Last Friday it closed 3.9030 against the USD. Over the past month, MYR has strengthened 3.55 per cent and over the last one year, it is up by nearly 12 per cent. 

Robust economic performance, rising exports, investor confidence. 

Still, there's a lesson we should learn from those faithless analysts (and from the Asian Financial Crisis, too, for that matter): We must remain cautious and translate that caution into vigilance. The good work of the last year, especially, must continue. The fight against the corrupt cannot falter. 

We have seen how fragile currencies and economies, including our own, can be.  Get the people to take to the streets, disseminate fake information and alarming news, undermine institutions like the Malaysian Anti-Corruption Commission, and create political instability. 

Already we are seeing this happening: frustrated politicians promoting havoc, mad mob cheering on people who openly admit to giving bribes, the rich corrupt (under MACC investigation) engaging foreign agents to carry out economic sabotage. 

It does not take much to spook investors. 

What the pork!?

Feb 17: Did you know that it is illegal to bring in pork and pork-based products into Malaysia at the KL International Airport? 

Well, up till yesterday we were ignorant. So when pre-landing announcement on flight MH0749 from Danang said so, we looked at each other,  startled. 

Since when? 

The last time we came back through KLIA was a month ago, from a mountaineering trip in Nepal. We were flying  Batik Air and there was no such announcement. As usual, passengers were reminded that Malaysia had tough laws on smuggling of illicit drugs. The death penalty awaits anyone convicted.

On Malaysia Airlines flight back yesterday, passengers were told that besides illicit drugs, the Malaysian government bars the importation of pork (khinzir was used in the Malay announcement) and pork-based products. If you are carrying any, do get rid of them at "quarantine bins" designated along the way to the airport Customs and. Immigration point. Failure to do so could get you in real trouble. You could be fined up to RM100, 000 in fine or jailed six months, or even both. 

We consider ourselves quite the seasoned travellers so not knowing this prohibition on pork and pork-based products had left us stumped and sheepish. When did this new law come into effect? 

A quick check with Google confirms that Malaysia staeted strictly prohibiting the import of pork and pork-based products from several countries (including 

China, Hong Kong, Macau, and Vietnam) in September 2018 due to the African Swine Fever. 

It was supposed to be a temporary measure but in May 2024 local newspaper The Sun reported that the Malaysian government was maintaining the ban due to health concerns. 

The Malaysian government issued the import ban through the Veterinary Services and Customs departments, in accordance with the Malaysian Quarantine and Inspection Services Act 2011 (Act 728).

The United Nations Food and Agriculture Organisation (FAO) reported the ASF outbreak in Malaysia in October 2023. The first confirmed ASF case was in February 2021 in Sabah, with subsequent cases in the peninsula in December the same year. In July 2023, ASF was detected in wild boars in Perak, followed by outbreaks on swine farms in Perak and Kedah in October.

Well, it is good to know that the recent bruhaha over pig farming in Selangor has nothing to do with the pork ban in KLIA. The Sultan of Selangor, irked by recent approvals for large-scale pig-farming activities in his state, suggested that those in the porky business import instead. 

In any case, there won't ever be a shortage of pork. That much the DAP chief Anthony Loke has assured pork lovers following the Selangor pig-farming controversy. "Chinese New Year will not feel like Chinese New Year without roast pig,” he guaranteed in There will be roast pigs every CNY.

I've always associated Chinese New Year with fireworks and oranges and, more importantly, us Malaysians from different races and religions, pork eaters and not, celebrating together and wishing prosperity and harmony. And in that spirit, I wish all my readers, Gong Xi Fa Cai. May the Lunar Year of the Horse beings prosperity and lifelong health and peace to all of us.

Next time anyone’s unhappy with what a journalist writes, just pay someone to beat up the journalist

WwwwThe police made o feetne swift arrest (which was gread) but one senior cop made a qytueer remark that the attack was “personal”. That cop never alrepeated it ut neither did there

U b5456890ack uo hisi totyheory or speculation w credible evidence. 5,

Today, after nearly to months, a magistrate sentenced the one culprit the police nabbed to a RM2000 fine. No jail. The other two suspects were never brought to justice.

The message, if you ask me, is clearly this: If you’re not happy with what a journalist write, dont bother trying to give your side of the story or engage a PR to set the record straight. Just hire some goons to beach at up there journalist, take a video of the attack, make it seem like it was a mistaken identity. The life of a journalist is that cheap.

Man fined RM2,000 for assaulting sports journo in Bangsar d

Man fined RM2,000 for assaulting sports journo

 in Bangsar

R Krishnan previously pleaded guilty to attacking sports journalist Haresh Deol in Bangsar on Nov 25 last year.

R Krishnan was charged under Section 323 of the Penal Code with voluntarily causing hurt, which carries a jail term of up to one year, a fine of up to RM2,000 or both upon conviction.

KUALA LUMPUR:

 A 37-year-old man was fined RM2,000 by the magistrates’ court here today for attacking sports journalist Haresh Deol in Bangsar last November.

Magistrate Aina Azahra Arifin handed down the sentence on R Krishnan, who pleaded guilty on Nov 28 to charges of assaulting Haresh.

Krishnan, along with an unnamed suspect still at large, committed the offence outside the Tanjung Balai Group premises at Jalan Telawi 3 on Nov 25.

The charge was framed under Section 323 of the Penal Code for voluntarily causing hurt, which carries a jail term of up to one year, a fine of up to RM2,000 or both, upon conviction.

Meanwhile, Haresh said the case was not over yet as another suspect remained at large and the investigation was ongoing.

“I will leave it to the police. If they call me again after the other suspect is arrested, I will cooperate,” he added.

Haresh, a senior journalist and co-founder of the Twentytwo13 news website, previously rejected claims by the police that the attack was motivated by a “personal issue”.

The fight against corruption: Surat kuning and Article 34 (3)

If you abuse your power, misappropriate public funds, accept bribes or conspire to protect corruption, you are traitors to the country. - Sultan Ibrahim Iskandar

The King’s message on corruption at Parliament earlier this week is probably the strongest yet on the malaise but still short of  “epic”, says Chegubard, the political activist widely credited for helping expose the latest big corruption (From police report to charges: Chronology of senior Malaysian Armed Forces corruption cases).

In an open letter to Sultan Ibrahim Iskandar, the 17th Yang Dipertuan Agong, Chegubard said epic is if the King orders civil servants throughout the country to ignore any form of surat kuning in the award of government contracts and projects. 

“Make all adhere to the process and win on merit,” Chegubard wrote.

Chegubard, whose real name is Badrul Hisham Shaharin, 47, made two more requests to the King: make the MACC answerable directly to Parliament and give precedence to Article 34 (3) of the Constitution, which specifies that the King shall not be actively involved in commercial enterprises.

Excerpts from Chegubard’s Facebook open letter to the Agong:

Hamba patik juga merafak sembah, agar dalam kesempatan ini supaya bertitah supaya semua penjawat awam seluruh negara agar menghentikan atau abaikan tekanan amalan konon ada surat kuning dibelakang apa juga keputusan. Semua wajib ikut proses dan kelayakan. Jika DYMM Tuanku bertitah tidak ada lagi surat kuning dalam melobi projek atau kontrak maka itu tindakan berani dan dikenang rakyat. 

Ia satu keberanian yang boleh di katakan epik. 

Satu perkara lagi Tuanku, mungkin Tuanku boleh gunakan kedudukan Tuanku agar mendesak kerajaan meletakkan SPRM dibawah kuasa parlimen atau melapor terus kepada parlimen bagi memperkukuhkan kuasa dan membebaskan SPRM dari dikawal individu atau kelompok. 

Ampun Tuanku. 

Dalam kesempatan ini juga hamba patik mengingatkan diri ini bahawa Raja Raja Melayu ialah institusi penting dalam negara dan ia wajib dipertahankan kesucian dan kehormatannya. Sistem Raja Berpelembagaan ini menjadi tanggungjawab semua mengukuhkan kedaulatannya.

Menurut Perkara 34 (3) Perlembagaan Persekutuan dinyatakan bahawa “Yang di-Pertuan Agong tidak boleh melibatkan diri secara aktif dalam apa-apa perusahaan komersial”.

Opening the first meeting of the 5th Session of the 15th Parliament on Tuesday, the Yang DiPertuan Agong urged the people to be “the eyes and ears of the nation and report all forms of corruption”. Corruption, he said, must be fought on a massive scale. Those guilty of corruption and those who protect corruption are “traitors to the country”. 

As the Supreme Commander of the Armed Forces, the YDPA was utterly disappointed with the corruption involving high-ranking officials in the army. “Agaknya lepas ini Sarjan saja dilantik jadi PAT”: Agong kecewa kes rasuah dalam ATM).

Sultan Ibrahim isn’t the only Ruler alarmed by the number of corruption cases that the MACC has unearthed in recent times. In the past week or so, three of Sultan Ibrahim’s  brother Rulers have made equally strong remarks on corruption. 

Raja Nazrin of Perak, in warning against obsession with wealth, status and power,, observed that “society is increasingly ensnared by the pursuit of outward success, often at the expense of moral integrity, spiritual purity, manners, and religious obligations”.

Tuanku Muhriz, the Yang di-Pertuan of Negeri, was shocked by public support for convicted corruption officials. . “(It) reflects not only a failure to grasp the destructive impact of corruption on institutional integrity and society’s moral foundations, but also calls for serious reflection on one’s faith, principles and values.”

Sultan Sharafuddin, lashing out at a large-scale pig farming in Malay/Muslim-majority areas in his state Selangor, wondered aloud if the project served the interests of certain groups of politicians and businessmen, even alluded to “possible elements of corruption, conflict of interest, or governance lapses in the project’s planning and approval process”.

Read also Johore Palace acts to prevent surat kuning (Nov 2014)