Drop in ringgit not as bad as claimed - PM Najib

Prime Minister Datuk Seri Najib Tun Razak said the performance of the ringgit, which is said to have dropped slightly of late compared to the United States dollar, is not as bad as claimed by certain quarters.

Najib, who is also Finance Minister, said he had talked to Bank Negara Malaysia Governor Datuk Muhammad Ibrahim on the performance of the ringgit.

He said based on the international monetary performance chart, including ringgit, it was found that there were weaker currencies impacted by external effects.

"There are other currencies whose performances are worse than the ringgit. There are also currencies which are performing better. We sit in the middle.

"And if we look in terms of a basket of currencies, we have not dropped much, only with the US dollar. So, this is an external effect which is beyond our control," he said at the special question and answer session programme for the 2016 UMNO General Assembly here, Monday.

The one-hour programme was hosted by Hamdan Ahmir and participated by Utusan Malaysia editor Datuk Zulkefli Hamzah and RTM television personality Sayed Munawar Sayed Mohd Mustar.

Najib, who is also UMNO president, reminded the people not to be confused with the effect in the drop of the ringgit since it was beyond control.

He also explained that the hike in the interest rate in the United States and certain policies, for example, brought certain implications not only to the world but also Malaysia. -- Bernama