Consumer Groups: Don’t Panic Over Ringgit Drop,, Just Buy Made-In-Malaysia More 
Jul 7 2015, 10:09 AM, updated 11y ago
Malaysians need not panic over the weakening ringgit, as long as both government and consumers play their parts, say consumer groups.
Malaysian Consumer Protection and Welfare Board (LPKPM) president Dr Saharuddin Awang Yahya said consumers are wiser in that they understand what is going on economically.
However, Dr Saharuddin said that there are more ways that consumers could contribute, such as buying Malaysian-made products.
“Consumers should not opt for imported items that cost more when they can buy items of the same quality at a cheaper price.
“This would definitely help Malaysia to regain our economic stability,” he said.
He also advised consumers to not spend excessively and only buy what is necessary.
“The currency is dropping so prices of items might go up in the near future. We cannot afford to spend blindly, he said.
Dr Saharudin said the last thing to do right now is point fingers at the government.
“Do not blame them (the government). Instead, we should help them by playing our part, however small it may be,” he said.
He personally suggested the government peg the ringgit against the US dollar, as before in 1998.
According to him this should halt the value of the ringgit from fluctuating.
In September 1998, during Dr Mahathir Mohamad’s leadership, the value of ringgit was fixed at RM3.80 (S$1.35) to the dollar and Malaysia instituted capital controls, which stopped the ringgit from dropping further.
Malaysian Consumers Association (Maconas) secretary-general Amarjit Gill agreed that the government and consumers should work hand in hand to avoid facing a situation similar to Greece’s.
“Sure, the currency is dropping and our purchasing power has lessened whilst incomes are stagnant. It sounds worrisome but it looks like the government is trying their best to handle the situation,” he said.
Mr Amarjit said that it would not be a good idea for Malaysians to travel overseas, especially ones with lower income bracket.
“Even visiting neighbouring countries like Singapore is no longer cheap. Travel locally. Think of it as an opportunity to show our support to the local tourism industry.
“If you must travel overseas, opt for airlines which offer the lowest fares.” he added.
He also advised consumers to make a habit of spending wisely all the time, and not only for critical situations. THE MALAY MAIL ONLINE
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