KUALA LUMPUR, July 22 The Malaysian government should reintroduce the pegging of the ringgit to a foreign currency as done during the 1998 Asian financial crisis while dipping.
Pegging the ringgit to the US dollar may potentially push the country into a financial crisis, according to former Bank Negara Malaysia deputy governor, Dr Sukudhew (Sukhdave) Singh.
MALAYSIA’s rehabilitation for its addiction towards cheap foreign labour is now long overdue.
Covid-19 has come to disrupt the supply since last year and the withdrawal symptoms have already started to crop up.
The road to addiction may have very well started in the 1980s during Malaysia’s journey of industrialisation and economic growth where the temporary solution to meet the severe labour shortage was foreign workers.
The Medan Agreement was inked in 1984 for plantation and domestic workers while the later part of the 1980s would see the green light given to recruit workers from the Philippines, Thailand and Bangladesh. It was not really a problem, or at least those who tread the corridors of power did not seem to think it was, until Malaysia tried to climb the high-income ladder.
The Straits Times
Doubt for the political future a detriment for Malaysia s economy: The Star columnist
The writer says that the political instability Malaysia is experiencing is causing a significant damage to Malaysia s economy and comes at the detriment of its citizens.
Pedestrians cross a road in front of Malaysia’s Petronas Twin Towers in Kuala Lumpur on Jan 12, 2021.PHOTO: AFP
Wong Chun Wai
https://str.sg/JKyQ
They can read the article in full after signing up for a free account.
Share link:
Or share via:
Sign up or log in to read this article in full
Sign up