When New York money market closes for the day hours ago, ringgit was traded at 3.88 to a USD. This is the worst ringgit performance in spot-market in more than two decades ago. We do not know what comes next and this is a real worrying situation that our country is now going through.
We are eagerly waiting for the ringgit performance in our local market today and can't bear waiting for the closing time later in the evening. There are strong indications that the ringgit movements is having parallel with the movement of the equity market daily. There is a clear observation that the international investors are leaving in huge sum and the figure is somewhere around slightly more than US 200 million daily for the past few weeks. Surely this is another worrying situation that needs the government to address this economic hiccups seriously and instantaneously.
The exit of the foreign funds certainly results in negative consequences to the ringgit as it will subsequently results in heavy selling of the ringgit in exchange of the USD in particular. They are moving their funds to more stable neighbouring bourses in Thailand and Jakarta as well as Singapore. With the unhealthy state of political ambience here the funds are drifting in huge sum to the earlier mentioned bourses and if this state of affair continues the ringgit is quite certain to break the psychological barrier level of 3.90 in short due. It can happen today or it may happen tomorrow or day after.
Now, how is our government and leaders reacting to this seriously negative economic situation? Can anybody in power say something about this? Can the whole hordes of leaders take leave from telling lies and issuing ungainly political statements and focus on this urgent matters for the time being?
Can we hear something sensible reactions from leaders with authority about this urgently as this situation cannot be continuously ignored. Just stop doing cover-ups on all your wrong doings for a while and pay attention to the sliding economic goings on of the country seriously.
We want to hear some worthwhile and quantifiable statements from Mr Prime Minister especially as he is also in charged of finance and economy. Can Najib enlighten us a little within these few days? Don't give the world economic problems as the reason for the fall of our currency. Giving the same reasons may be perceived as just giving excuses.