THE discussion among internet users regarding the decline of the ringgit is a topic of intense debate online. On the X platform, several users are attributing blame to both the current and past administrations for the depreciation of the local currency.While there were those defending the government as well for the status quo in the overnight policy rate (OPR), some are saying the government needs to do more to stabilise the ringgit.According to reports, the Finance Ministry rejects immediate monetary policy adjustments or ringgit pegging as they anticipate the currency’s recovery in 2024.Hence, when an X user pointed out that the ringgit is rising, and the opposition was silent, X users blasted their way through the debate by criticising the user for celebrating an insignificant rise in the local currency.
Kalau dulu Ringgit cecah RM 4.80 riuh macam bumbung nak runtuh. Tapi harini dah RM 4.68 orang yang sama diam je macam tak ada apa-apa
— Nazrihamdan (@nazribiztalk) March 8, 2024
A user said he believed the Central Bank was intervening in the correction of the ringgit’s exchange rate with the US dollar (USD).He cited the fact that all money changers are now requiring personal information from members of the public who are exchanging the ringgit for USD.
Celebrating mediocrity is the reason Malaysia is in decline.
You’re a self-proclaimed economist, tell us why it suddenly strengthened. Better yet, tell us if it’s sustainable.
Hint: https://t.co/bnBTEnPvrz
— Colin Charles (@bytebot) March 8, 2024
Meanwhile, netizen Maria Gamba stated it is only when the ringgit reaches 2.9 to the dollar that it will be worth celebrating. The views expressed here are shared by many, that is there is no point jumping up and down with the little correction in the ringgit exchange last week. – March 8, 2024
2.9 baru kita impressed. For now masih menahan 🤡
— Marina Gamba (@marinagamba1909) March 8, 2024
