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Thursday, August 13, 2015

Nazir: Terrible time to focus on politics as RM drops further

Nazir Razak says credible and experienced finance team needed urgently to save the ringgit from weakening further.
Nazir-Razak,-RM
PETALING JAYA: As the ringgit dropped further against the US dollar, CIMB Group Chairman Nazir Razak posted a message on Instagram that it was the wrong time for the country to be distracted by its internal politics.
“Terrible time to be distracted by politics and so much negative international media coverage,” the brother of Prime Minister Najib Razak said, while posting a visual showing the ever-weakening ringgit with the words: “FBM KLCI approaches 1,600 level, ringgit breachers 4 vs USD.”
Adding an urgent-sounding recommendation to the government to stem the further fall of the ringgit, Nazir wrote: “Our best, most credible & crisis experienced finance team need to be put in front of markets urgently.”
One follower ongsl1904 however was of the opinion that once the political situation improved, so would the ringgit’s strength. “Get the politics right, then the country will be less vulnerable. The weak ringgit is partially due to currency war region wide, but weakness enhanced due to local politics.”
Many others called for the resignation of Najib, with one saying, “He messing up things like a mafia,” while one wiredrumrella asked, “Need to act very soon wonder what’s the 3 deputy finance ministers doing.”

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