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Weak ringgit shows economic situation not optimistic: KKCCCI
Published on: Tuesday, February 27, 2024
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Lui said as geopolitical risks continue, war crises impacted the supply chain and cause transportation costs to rise, bringing more variables to the slowdown in inflation.
Kota Kinabalu: Kota Kinabalu Chinese Chamber of Commerce and Industry (KKCCCI) Chairman Datuk Michael Lui agreed with Prime Minister Datuk Seri Anwar’s statement that the Government will not raise the overnight policy rate (OPR) to strengthen the ringgit.
He said once interest rate is raised, the people with loan repayment commitments will bear the burden.
However, Lui hoped the Government would face up to the structural problems of the ringgit’s continued weakness and take appropriate measures.
“The people wanted to know what practical actions the Government will take to solve the weakness of the ringgit,” he said in a statement, Monday.
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