SHAH ALAM - Opposition leader Datuk Seri Anwar Ibrahim said a weak ringgit would see people working harder and earning lesser as the value of the currency falls.
He said this will cause Malaysians to be trapped in a cycle of "working harder and making less while the price of basic needs rises exponentially."
"While much of the global economic chaos of the past couple months can be blamed on a continued recovery from pandemic declines and the disruptions of the war in Ukraine, the situation in Malaysia remains dower without any turn arounds in sight while others are allowed to see a return to normalcy," he said in a statement.
Anwar said Malaysia needs leadership that must first inspire the confidence of the people before "we can dream of inspiring foreign confidence and investments."
The nation he said needs a proper economic recovery plan.
"I compel the government to give the rakyat such a plan, one that is long-term and can inspire the confidence we all deserve.
"The people’s work is paramount to bringing this nation back and you the people deserve reward for your labour," he added.
Universiti Sains Islam Malaysia (USIM) Economic and Muamalat Analyst, Associate Professor Dr Nuradli Ridzwan Shah Mohd Dali had recently told Sinar premium that said the ringgit needs to be below RM3.80 to remain strong.
If the value of ringgit exceeds RM4.48, he said the national currency will decrease and can be considered a serious matter as it would cause the country's import cost to surge, burdening Malaysians.
Last week ringgit weakened past RM4.4 against US dollar for first time since the onset of Covid pandemic.