A Barisan Nasional backbencher has defended the depreciation of the ringgit, saying it benefitted rural folk.

Rompin MP Datuk Hasan Arifin said rural residents depended on commodity prices, which has seen a drop in value.

“Alhamdulillah, due to the depreciation of the ringgit against the US dollars this has benefitted rural people very much.

“The ringgit should be left alone, let it perform based on market and current economic conditions,” he told Rafizi Ramli (PKR - Pandan) during the debate on Budget 2016.

Hasan, who is also the newly minted Public Accounts Committee chairman, did not elaborate further.

Commodity prices such as palm oil has bounced from a low of RM1,867 a tonne on August 26 to RM2,293 a tonne today at 2.06pm on the Bursa Malaysia Derivatives exchange, possibly due to lower production from Indonesia as a result of the El-Nino effect.

Besides Indonesia, Malaysia is one of the world's biggest producers of palm oil.

Hasan's statement comes at a time when Malaysians are grappling with economic uncertainty and a high cost of living.

Despite assurances from Putrajaya that Malaysia's fundamentals are strong, concerns have been mounting over the economy as the ringgit, Asia's worst performing currency in the past year, slid beyond the RM4 mark against the US dollar.

Various factors have been attributed to this, one of them is the scandal linked to Prime Minister Datuk Seri Najib Razak and the RM2.6 billion “donation” from an unknown Middle Easterner to his personal accounts. – October 27, 2015.
- See more at: http://www.themalaysianinsider.com/malaysi...h.IBgIlDsf.dpuf

This post has been edited by cranx: Oct 27 2015, 04:08 PM

woohoo.. kebodohan terserlah.. beribuan terima kasih dUMNO minister.. skrg u boleh gi 14 floor

denial

JOM PINDAH KE KAMPUNG!

Umngok dan Bodoh berpisah tiada.

beribu ribu cukur

jilat sudah
nanti akan dapat share dari 8.2B lettew

malu-nya... go holiday cannot say from malaysia liao... kena laugh like mad only

The rise in palm oil price is caused by the drop in its global supply... not because of devaluation of ringgit.
Hrmm... maybe this guy's CGPA is 3.85 too.

LOOOOOOOOOOOOOOL

kejap cakap bounce back
kejap cakap drop bagus
WADDAFAK WEI

would you trust words spewing from a backbencher ?

like fart it smells only for a few seconds then disappears

Who cares about palm oil. We have too many supply but no one's buying.

yes... devalued money give the people higher figure in numbers... but lower value in money...

why i need RM1000 to buy 20 bags of rice when before this RM500 can but 100bags?

kasi tolak gaji minister ini, bagi dia rasa devalued money

Stupidity at the next level.

wait till the gov remove all the subsidies.

which they are doing now

Toyoi and his copy paste links at it again.
Untung TS suddenly his one year old thread come back alive again.

apa ketum u take? so powderful

Just the other day I was at a rural area.

The jalan there like tahi full of pot holes. Depreciation of ringgit means high cost for infrastructure. So rural folks also suffer. Don't forget GST.

Org gila shj tak tahu kebaikan Ringgit yg menurun...