SITUASI EKONOMI 97/98 TIDAK SAMA SITUASI SEKARANG, CUBA PERHATIKAN
Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar in charge of Economic Planning explained that the economic fundamentals surrounding the sliding ringgit is entirely different this time.
Fundamentally, in the investment sentiments, with the issues of perception which are tied with what is happening in Malaysia regarding 1MDB and with the negative sentiments this will make us fall more amongst the other nations.
“But it is not shrinking in all countries because it is proportionate with the Euro, Dollar and the New Zealand dollar - in the sense that our currency has been strengthened for this year," he told MalaysianDigest in an interview after a talk on the 11th Malaysia Plan titled "Are We In The Right Direction?" for the PTD Alumni Forum held at INTAN today.
On the situation where Bank Negara has been involved in stabilizing the ringgit and caused the reserve to go lower than USD 100 billion, he compared Malaysia's much stronger position now compared to the last financial crisis.
“Its better for Bank Negara to answer, but answering on the fundamentals, our position is much better than during the Asian Financial Crisis 1997-98.
“Our financial reserves has fallen down, but it's still high, compared during the Asian Financial Crisis where it was less than 30 billion dollars USD, which was 3 times less than what we have now. Our export coverage last time, it was only 3 months but now it's at 7 months.
“And last time we were suffering a trade deficit from 1994-1997; however from 1998 until today we have had a trade surplus even if the price of oil has gone down, our trading surplus on the first quarter of this year are as much as RM41 billion compared with the deficit during 1997.
"Our banks are strong as well, they have been managed efficiently, they are bigger, and with capital that encourages core equity growth".
- mD
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