Ringgit fall not because of current politics - Ku Li

Former Finance Minister Tengku Razaleigh Hamzah refuted claims that the Ringgit’s fall was caused by the current political scenario in the country.

He said several factors like crude oil prices and the international market price for commodities have also led to the decline of Ringgit.

He said the fall of Ringgit and the decline in the demand for palm oil and rubber have affected the people who are now forced to bear the rising cost of living.

The Gua Musang member of Parliament said with the decline in export of palm oil, rubber and other commodities, the government is forced to cut down on subsidies.

“Goods and Services Tax is an opportunity for the government to collect funds to pay debts and other expenditures,” he said in his speech at Sekolah Kebangsaan Jerek, Gua Musang, Kelantan, Monday.