Wednesday, August 26, 2015

The falling Ringgit

Our Ringgit is falling sharply against the US$ and we cannot do much about it. Many people are caught by the inflation impact due to GST and now the weak Ringgit. 

For those having children overseas feel the immediate pinch as it cost more now to buy US$ and the UK pound or for that matter any other currencies. I was told by a friend that some Bangladeshis want to get out of Malaysia because  now their earnings have depleted and the remittance to overseas have shrunk.  How long and how long can it go.

Apart from this basic survival needs, it is now expensive to travel overseas and only people are coming to Malaysia to enjoy the cheaper rate. Why do we need to benefit foreigners ? What happen to Malaysians. Why can we travel freely and enjoy the world instead of only restricted to local travels. Our Tourism Minister is talking stupid thing telling us that more tourist will be coming to Malaysia and it will benefit Malaysian.

Yes, it supposed to bring business to local market but what about the inflation caused by GST and the spending of the Tourist , it also bites it back both ways.  The same friend also told me that the tourist only come to certain states in Malaysia and it have definitely benefitted Penang alot. But, the restaurants are half empty as foreigners moved out of Malaysia due to the uncertain political scenario  and the weakening economy of Malaysia and the falling crude oil pirce. Coupled with inflation due to GST , the livelihood of the local people is getting more and more difficult.

In Penang, there are a lot of traffic but the retail shops, malls, restuarant and cafe is half empty and this shows that people are not spending their money or not enough to spend .  The look is very pathetic and worrisome.

Lets hope for something better to come soon , otherwise, the people will have a hard time as living becomes more difficult.

namaste.

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