PETALING JAYA: The opposition’s constant claims about trying to topple the government mean they should shoulder some of the blame for the weak ringgit, says former Sabah chief minister Salleh Said Keruak.
In a Facebook post, Salleh stressed that political stability is key to foreign investment which, in turn, can affect the exchange rate.
The former communications and multimedia minister also said that media reports about the opposition’s continuous plans to change the government will result in negative perceptions about the country, which will affect foreign investors’ confidence.
“As such, the opposition should take a fair share of the blame for the fall of our ringgit and the current state of the economy,” he said.
“They should stop using the media to undermine political stability and sabotage the economy, and then put the blame squarely on the current government.”
The ringgit has slid by over 4% so far in 2024, adding to losses from the previous three years. It opened at 4.7745/4.7800 to the US dollar today.
The local currency slid to 4.7965 against the dollar on Tuesday, its weakest level since an all-time low of 4.8850 in 1998 following the fallout from the Asian Financial Crisis.
Previously, speculation arose about the so-called “Dubai Move” in reference to alleged discussions in the United Arab Emirates between opposition leaders and certain government representatives to topple the administration led by Prime Minister Anwar Ibrahim.
The alleged meeting, which Anwar and other government leaders had played down, supposedly aimed to divide tasks among “agents” to identify MPs who would defect to the opposition.
Last month, Perikatan Nasional chairman Muhyiddin Yassin reiterated that the Federal Constitution provides for the formation of a new government without a general election being held.
“This provision in the constitution must be adhered to in determining any formation of change in government,” said the former prime minister in a statement.
Article 43(4) of the Federal Constitution states that “the prime minister shall tender the resignation of the Cabinet” if they do not have the support of the majority of MPs in the Dewan Rakyat, unless the King dissolves Parliament at their request to make way for a snap election.
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