PETALING JAYA: Najib Razak agrees with the government that the ringgit has been affected by fluctuations in the US dollar but maintains that the country’s currency has clearly been dropping against the Thai baht and other currencies since the last general election.
The former prime minister said that the ringgit, baht and other currencies were also affected by the fluctuations in the US dollar but the issue here is that the ringgit has dropped against the baht to its lowest level “in history”.
“It can’t be that only the ringgit is affected by the US dollar but not the baht,” Najib said in his Facebook post today.
“Pakatan Harapan should admit that the ringgit is weak under its finance minister,” he said referring to Lim Guan Eng.
Yesterday, Putrajaya said the depreciation of the ringgit against the baht (RM13 to 100 baht) was due to the rise in the US dollar and not because of the country’s poor performance.
Prime Minister Dr Mahathir Mohamad said the ringgit had actually strengthened and the comparison of currencies was not the exact measure to determine the nation’s economic performance.
Najib agreed with Mahathir, when he said that was also the reason given by the previous government to explain the decline in the ringgit.
“The dollar goes up, the ringgit drops, the ringgit goes up, the dollar drops. That is not hard to understand,” he said.
“But in 2015, PH said: ‘Najib ‘turun’ (quits), ringgit will rise’.
“PH had then said it was Najib’s fault — and not due to then president Barack Obama.”
Najib added that the ringgit had recovered against the US dollar and all other currencies, including the Singapore dollar and the baht, before the last general election.
“But after GE14, it is clear that the ringgit has gone down against all other currencies,” he said.