Dr M suggests seeking expert service to overcome ringgit depreciation 

SHAH ALAM - Former Prime Minister Tun Dr Mahathir Mohamad has suggested that the government seek the expertise of experienced professionals, particularly those involved in saving the country during the Asian financial crisis in 1997, to address the current depreciation of the ringgit.

The Malay Proclamation Chairman stated that these experts had created and implemented currency controls during that period.

"We actually have experts who created and implemented currency controls in 1997 and 1998, which subsequently saved our country.

"These individuals still exist, so why not invite them to show us how to control the ringgit?" he said.

Dr Mahathir said this during the "Bicara Bangsa Tanah Aku Dulu, Kini, Ke Hadapan" programme organised by the Malay Proclamation at the Shah Alam Convention Centre (SACC) on Saturday.

The townhall session was moderated by former Minister of Works, Datuk Seri Ir Mohd Zin Mohamed; former Minister of Housing and Local Government, Datuk Zuraida Kamaruddin; and the Secretary of Proklamasi Orang Melayu, Datuk Marzuki Yahya.

Eloborating further, Dr Mahathir emphasised that the value of the ringgit has depreciated from RM3.80 against the US dollar a few years ago to RM4.65 against the US dollar currently.

"We have lost nearly RM1. We should reconsider our policies, and I believe we can do it.

"But somehow the current government is not paying attention to this matter, which has resulted in the depreciation of the ringgit, rising prices of goods, increased taxes, and high inflation," he said.

He stated that the worsening impact of the depreciation of the ringgit could impoverish the country and its people.

Dr Mahathir claimed that he had previously proposed to the Governor of Bank Negara Malaysia (BNM) to peg the value of the ringgit, but the suggestion was rejected.

"I suggested that we peg the value of our currency so that it does not fluctuate, allowing us to prepare the budget for the upcoming year without worrying about the depreciation of the ringgit.

"But somehow, I received a response that the proposal could not be implemented because it was feared that other nations would criticise us.

"However, we had successfully implemented this approach in the past," he asserted.