KUALA LUMPUR: The weakening of the ringgit is not only bad news for the people but also threatens the sovereignty and security of the country, a veteran newsman said.
Datuk A. Kadir Jasin, in a posting on his Facebook account today, said the weak currency will lead to other countries taking advantage of the situation, such as purchasing and controlling the nation's assets at cheaper prices.
"When we are weak, they can take advantage or, at the very least, they are safe from our competition. They will cooperate with us so that they can influence the situation in our country and then take advantage of any weaknesses we have.
"For example, they can use their strong currency to buy and control assets in our country at cheap prices.
"At first glance, it seems as if they are conspiring with us, but they have their own agenda. Through this partnership, they control to ensure that we do not become stronger than them."
During the Chinese New Year holiday season, he said, many Singaporeans enter the country and, with their strong currency, they are kings in the market.
"Their cash is king, as one Singaporean dollar can fetch more than RM3.50 on top of having prices of goods and services in Malaysia that are comparatively cheaper in comparison to Singapore.
"When I make a note stating 'each day the ringgit weakens against the Singapore dollar, the Republic benefits. Malaysia becomes cheaper to it,' some take it seriously, and some dismiss it."
He said those who took the statement seriously understand the negative impact of currency weakness, while those who dismiss it either do not understand or are trying to protect a certain party.
"If we examine the ringgit exchange rate chart, we will find that only nine or 10 years ago, our currency began to plummet against the Singapore dollar where previously it was steady. For example, from 2004 to 2014, the rate ranged between RM2.23 and RM2.52.
"However, starting from September 2014, the value of the ringgit began to plummet severely against the Singapore dollar."
Kadir said this coincided with the surfacing of the 1Malaysia Development Bhd (1MDB) scandal where a lot of stolen 1MDB money went to Singapore.
"Between September 2014 and July 2017, when the 1MDB scandal peaked, the ringgit fell drastically from RM2.52 to RM3.15 or 25 per cent, and once again between February 2022, from RM3.10 to RM3.54 or 14 percent on February 7 when the ringgit recorded its worst rate.
Yet, Kadir added, there are still people talking about the services of Datuk Seri Najib Razak, showing sympathy towards him and wanting him to be forgiven.
"What service if the country is damaged and disgraced?"