RINGGIT TO RISE TO RM3.70 AGAINST US$
It shows currency is growing stronger, says Najib
THE ringgit is expected to appreciate up to RM3.70 by year end against the greenback, signifying Malaysia’s economic strength and resilience.
Prime Minister Datuk Seri Najib Razak said he was told by the Malaysian Institute of Economic Research (MIER) yesterday that the ringgit would remain as among the world’s resilient currencies.
“I was told by MIER that the ringgit will strengthen to between RM3.60 and RM3.70 by year end.
“Our currency, which is strong now, will grow stronger in future,” Najib said before a crowd of 5,000 Perak Barisan Nasional members who were part of the state coalition election machinery.
Najib also pointed out that other financial institutions, including Tabung Haji and Permodalan Nasional Bhd, had recorded exceptional growth.
The ringgit was recorded at RM3.89 against US$1 yesterday.
Following the announcement, Najib took a jab at former prime minister Tun Dr Mahathir Mohamad’s claim that the country was going bankrupt.
“Do not say that your bread store was closed because the country is going bankrupt.
“If we are going bankrupt, there will not be foreign investments here. Other bread stores are doing fine.
“Yours is the only one which went bankrupt,” Najib said in reference to the closure of The Loaf, which is linked to Dr Mahathir.
Najib also touched on DAP leader Dr Tang Seng Giaw being dropped from his party as a candidate for GE14 due to his stand on the 1Malaysia Development Bhd (1MDB) issue, among others.
“Dr Tan said the prime minister did not do anything wrong in 1MDB.
“He spoke the truth about 1MDB and because of that, he was removed as a candidate,” Najib said.
Last week, DAP dropped eightterm Kepong member of Parliament Dr Tan from the Kepong parliamentary seat, in favour of Lim Lip Eng.
Najib said the move revealed DAP’s inability to accept differing views.
“Where is the democracy in a party purportedly championing democracy?” he asked.
At the same time, Najib also said Dr Tan had also echoed sentiments over 93-yearold Tun Dr Mahathir Mohamad’s ability to lead as prime minister again.
“A 93-year-old man does not reflect Malaysia’s future. It is not that we want to insult him, but this is a reality.
“Even Dr Tan agreed that a 93year-old could never change his way of thinking, despite jumping over to the other side.”
Earlier in Teluk Intan, Najib said Malaysia’s success resulted in the revaluation of its Gross Domestic Product (GDP) growth thrice last year by the World Bank, reflecting that the national economy was on track and growing rapidly.
Najib said no country, except Malaysia, had its GDP growth evaluated thrice in a year and it was predicted to achieve a growth of 5.8 per cent but when the accounts were closed, the growth registered was 5.9 per cent.
“For the first quarter of this year, the World Bank said it was raising the predicted 5.2 per cent to 5.4 per cent,” he said.
Najib said yesterday the Malaysian Institute of Economic Research (MIER) forecast that the GDP growth would increase from 5.4 per cent to 5.5 per cent.
He said that if the economy was bad, there would be no development, for example, the UPSI branch campus here and the almost 1,000 units of PR1MA houses planned for Teluk Intan.
Najib said this at the groundbreaking event of the 1Malaysia People’s Housing (PR1MA) project comprising 957 residential units at Batu 4, Jalan Changkat Jong here. Present were Perak Menteri Besar Datuk Seri Dr Zambry Abd Kadir, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, who was the Teluk Intan member of Parliament in the last parliament, and PR1MA chief executive officer Datuk Abdul Mutalib Alias.
Najib also said the opposition pact had condemned the 1Malaysia People’s Aid (BR1M) all along, saying it was a form of bribery, but had now changed its mind to emulate such aid in its election manifesto so as to garner the support of voters.
He said a growing economy enabled the government to announce higher BR1M payments consider applications for additional projects.
A 93-year-old man does not reflect Malaysia’s future. It is not that we want to insult him, but this is a reality. Even Dr Tan agreed that a 93-year-old could never change his way of thinking, despite jumping over to the other side.