The Malaysian Insight

PRIME Minister Dr Mahathir Mohamad said the Malaysian ringgit is undervalued compared to other nations.

“I think it (the ringgit) is undervalued,” he told reporters in a press conference today.

However, Dr Mahathir said the currency has strengthened in the past few months compared to other countries like Argentina and Turkey.

“The ringgit strengthened today. All currencies now are depreciating like mad. Others are depreciating more than us,” he said.

The Pakatan Harapan (PH) chairman said this was due to the ongoing “trade war between China and the United States.”

Dr Mahathir also said his government will welcome foreign investors on the condition that they put Malaysians first in terms of job opportunities and investments.

“We welcome foreign investors but they must come with capital and technology, set up plants here and use Malaysian labour, and if possible Malaysian management. If they comply with that they are welcomed,” he said.

Former prime minister Najib Razak recently said the ringgit’s value continue to depreciate even though PH had promised its value will increase after ousting Barisan Nasional (BN) from government.

The former finance minister added that despite all the allegations hurled against his administration, the BN administration managed to keep the ringgit competitive.

Najib also stressed that unlike Dr Mahathir, who pegged the ringgit during his first tenure in 1998, he would not do so as it would hinder the country’s economic growth. – September 14, 2018.