IN­TER­ESTS FIRST’

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in the off­shore mar­ket.

“At the same time, Bank Ne­gara will en­sure a sta­ble and or­derly mar­ket.”

Na­jib said the ring­git’s de­pre­ci­a­tion was not un­usual as other re­gional cur­ren­cies were ex­pe­ri­enc­ing the same down­ward trend due to the strength­en­ing of the US dol­lar.

He said the ring­git had de­pre­ci­ated by 4.3 per cent com­pared with the US dol­lar.

“The de­pre­ci­a­tion of the ring­git is in­flu­enced by ex­ter­nal fac­tors such as the Amer­i­can in­ter­est rate ris­ing at a much faster rate as pre­dicted by the mar­ket.

“There are also un­cer­tain­ties in the global price of crude oil and anx­i­ety over the eco­nomic growth rate and un­cer­tainty in the Chi­nese fi­nan­cial mar­ket.

“The po­lit­i­cal un­cer­tainty in the United King­dom, the Euro­zone and the United States has af­fected de­mand for as­sets in the mar­ket,” he said, adding that these fac­tors had neg­a­tively im­pacted the cur­ren­cies of many de­vel­op­ing coun­tries. but he said they would be equipped with LED lights.

At the an­nounce­ment of each project, res­i­dents and guests at

To Tan’s sup­ple­men­tary ques­tion on which was the big­gest con­tribut­ing fac­tor to the ring­git’s de­pre­ci­a­tion, Na­jib at­trib­uted it to the ex­pec­ta­tion of an in­crease in the in­ter­est rate by the US Fed­eral Re­serve.

He said the Fed­eral Re­serve had re­cently in­creased in­ter­est rates by 25 ba­sis points, and this was ex­pected to go up again this year.

“An­other rea­son is that at least 34 per cent of the bond mar­ket are in the hands of non-res­i­dents.

“This is both a good thing and a threat.

“In the first half of 2016, the value of the ring­git was one of the best in the world.

“But when the in­ter­est rate was ex­pected to go up, and non-res­i­dents who held bonds in the mar­ket had car­ried out port­fo­lio re­bal­anc­ing, there was an out­flow of money and an in­crease in de­mand for the US dol­lar.”

Mean­while, Umno Supreme Coun­cil mem­ber Datuk Ab­dul Aziz Kaprawi called upon po­lice the of­fi­cial launch cheered loudly. How­ever, the big­gest cheer was saved for the last.

“Next year, we will build a min­ista­dium. to open in­ves­ti­ga­tion pa­pers into al­le­ga­tions that there were ef­forts to sab­o­tage the na­tion’s econ­omy.

He said the sab­o­tage was a “ma­li­cious at­tack” against the wel­fare of the peo­ple and should be seen as a di­rect be­trayal of the coun­try.

“The coun­try al­most lost a RM31 bil­lion in­vest­ment from Saudi Aramco be­cause of lies, al­leg­ing that the coun­try was go­ing bank­rupt and did not have enough funds to pay its civil ser­vants.

“How­ever, the in­vest­ment was saved af­ter facts, fi­nan­cial anal­y­sis and re­ports were pre­sented to the in­vestors,” said the Sri Gad­ing Umno divi­sion chief.

Parti Cinta Malaysia said stern ac­tion should be taken against those sab­o­tag­ing the econ­omy.

Its vice-pres­i­dent, Datuk Huan Cheng Guan, said po­lice and the At­tor­ney-Gen­eral’s Chambers should study rel­e­vant laws that could be used against such mal­con­tents. Ad­di­tional re­port­ing by Au­drey Der­mawan I will in­clude this in the 2018 Bud­get,” he said prompting much ap­plause.

PIC BY DA­NIAL SAAD

Prime Min­is­ter Datuk Seri Na­jib Razak be­ing greeted by Pu­lau Tuba res­i­dents in Langkawi yes­ter­day.

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