Ringgit’s fall not due to Malaysia’s economy too dependent on oil and gas, says Mustapa


Yeah, you oil & gas folks.

Dateline 2015-08-09, Malay Mail:

The weakening of the ringgit is not due to Malaysia’s economy being overly dependent on the oil and gas industry as claimed, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

On the contrary, he said the devaluation of the ringgit to 3.92 against the US dollar (on Friday) was due to the volatile foreign exchange market despite the slumping oil price.

“So the ringgit fluctuates everyday. Just like when we go to the market, it (the prices of perishable goods) depend on the supply and demand.

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