People awaiting 'smart' formula for ringgit's recovery

The issue on the drop in the value of the Malaysian ringgit is not a day or two debate, but talks about it have been going on for the past few years.

The government administration had changed several times but until now, there were no signs of ringgit recovering and it was seen to have continued to decline.

This situation became like bullets that the people used to 'shoot' at the current government since the issue was one of its main focuses when it was the opposition previously.

Like it or not, the government needed to accept the fact that the value of ringgit had dropped and it needed to come up with smart formulas to strengthen the value of the national currency.

The future value of ringgit and its impact on the country have become a huge concern at the moment.

This concern was well-founded as Reuters on Friday reported that ringgit had recorded a decline of almost six per cent in the first half of 2023, thus leading in the fall of the currency among other Asian currencies.

Not only that, Malaysia's equity showed its worst performance in the mixed market, alongside Thailand.

The report also noted that most Asian currencies have recovered from early losses, with the Philippine peso and Thai baht being in the front with a 0.4 per cent gain respectively.

Just imagine when the value of the currencies in the whole region have recovered and Malaysia has yet to show a positive increase.

Looking at this latest development, the people's concern about the value of ringgit has increased significantly.

Therefore, the people hoped to see the government's immediate action to restore the ringgit.

Above all, the people wanted the government to present strong formulas and not just talk about its plans to do it.

The government is carrying the responsiblity to develop an effective formula to restore ringgit, in line with what they had promised before.