Former Malaysian Prime Minister Mahathir Mohamad sat in his office in the administrative capital of Putrajaya on Wednesday and recalled the financial crisis that rocked Asia in the late 1990s. He squinted, imagining how how to make money in forex decisively he tied the ringgit and the U.S. dollar together, allowing the country to tide over the difficulties.
The reality before us is that the value of the ringgit has been declining, which is frightening. It keeps falling, falling, and falling again, making people's lives increasingly difficult. He looked out the window and thought about how he could get the country out of this mess.
“Maybe we should consider letting the ringgit and the U.S. dollar go hand in hand again,” he said softly in the interview, as if looking to his past self for answers.
The U.S. dollar is strong and powerful, like a big brother that can be relied on, while the Malaysian ringgit is like a little brother that struggles alone. If the ringgit is tied to the U.S. dollar, it may be able to lend some power and make people's lives less difficult.
He imagined that if no action was taken, the ringgit would continue to slide until 1 US dollar could be exchanged for 5 ringgits. He couldn't imagine how difficult that would make people's lives.
He told reporters that the current situation reminded him of long ago, when he first became prime minister and refused assistance from the International Monetary Fund in the face of international pressure. He chose an unusual path, bringing the ringgit and US dollar together until they parted ways in 2005. At that time, although there were mixed reviews from the outside world, it ultimately proved that this decision helped Malaysia get out of its predicament.
Now, although he is no longer the leader of the country, he still cares about the land and its people. He presented his proposals to the current central bankers, although they shook their heads at the "old ways". He knows that his suggestions may not be adopted, but he still hopes that his concerns and suggestions can bring some enlightenment to the country.
He sighed softly and looked at the sky outside the window, hoping that Malaysia could get out of the predicament soon and get people's lives back on track.
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