Currency depreciation against the US dollar is not only happening in this country, according to Bank Negara Malaysia (BNM) Governor Tan Sri Dr Zeti Akhtar Aziz in a report from Bernama.
As of noon today, 1 US dollar is equivalent to 4.23 Malaysian ringgit, down from RM4.25 in the corresponding period on Thursday.
While this is an improvement, the weaker local currency is boosting the prices of food and other essentials, placing more burden on ordinary Malaysians.
“To say it is not a challenging period is denial and a lot of it is beyond our control. The fact that the US dollar strengthened against 120 currencies is a reflection of this,” she said.
Thus, she urges Malaysians to adapt amidst the weaker ringgit. “They must adjust to living within their means and look at all options and possibilities. Businesses need to do the same.”
But if the financials are becoming unbearable, they can consult advisory services to help them tackle their debt or restructure their loans, Zeti advised.
“They have to be aware of programmes that may help them. There are programmes for those in the workforce to be retrained and assistance is available for those with children studying abroad; they have to look at all the options.”
Furthermore, she optimistically believes that Malaysian ringgit would eventually recover.
“Our track record has shown us that every time we have been set back, time and again we have been able to bounce back. It is more than once. We bounce back, and we bounce back quickly.”