Thursday, October 13, 2022

The Fall of the Ringgit

Today I have experienced something which I had never experienced before. The fall and fall of the Ringgit  is a spectacle to behold, especially against the Singapore dollar and the mighty USD. The last I checked it was MYR4.69 to 1USD. Maybe overnight,  it will breach 4.7 and soon in weeks it might fall into the unthinkable 5MYR to a dollar. Singapore dollar also rose strongly to 3.28 this afternoon and I think by month's end it could breach the 3.3 mark. Unimaginable just three months ago. So much politicking, what else are they doing to ensure the wheels of the economy are turning and the running of the government goes smoothly? No wonder it is early General Election. In fact, I welcome it as it might just put an end to intense politicking as after the General Election, at least for a year or two there will be some respite, if there is a stable government with a solid majority.

The economy is running not too badly this year but do not be fooled as Malaysians (mostly middle to lower-middle classes) have taken more than MYR140 billion of their EPF savings and there is much cash around for at least for six months or so. But I predict by middle of next year, people will truly feel the pinch of the much devalued Ringgit. Almost all products are imported and prices will rise even further than it has risen in the last quarter. It will be a challenge for wage earners and Christians are not exempted from the struggles of this world. 

But I rejoice in the Lord, seeing how He has led and fed me for the past 10 months. I believe even to grey hairs, the Lord will prove faithful as the world becomes more conflicted with wars and rumours of wars, economic recession which will lead to famines around the world and plagues will come as prophesied by our Lord and His apostles. As for me, I keep myself abreast of national politics and the not-so-rosy economic outlook. Jesus told his disciples to watch and pray. We shall watch and we shall pray. We will pray with understanding and as mighty warriors for Christ, we will ride for truth, meekness and justice (Psalm 45:3-4). 

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