PETALING JAYA: Prime Minister Datuk Seri Anwar Ibrahim has been jokingly told to "lepak (chill) a bit" by a Singaporean politician following the strengthening of the ringgit against the Singapore dollar.
In a recent social media post, People’s Power Party (PPP) chairman Derrick Sim included an image of the exchange rate that saw the ringgit improving from RM3.18 to RM3.15 to one Singapore dollar within two weeks.
"Dear PM Anwar, IMO (in my opinion), you’re genuinely one of the Best Prime Ministers Malaysia has seen in a long, long time.
"I only have one small, very small request: maybe you lepak a bit. No need to work so hard lah," he said on Facebook.
"Just two weeks ago, SGD to Ringgit was 3.18, now it is already 3.15. If too strong, later Singaporeans come in – only order roti canai kosong and go back liao.
"Many of us are still very budget-conscious. Take it easy, PM. Slow and steady wins the race," he added.
In the comments section, Sim added that Malaysia’s foreign direct investment has jumped a whopping 47%.
"We are talking about billions pouring into the country. This decade is very much Malaysia’s to lose.
"Large global corporations are quietly but decisively shifting their supply chains en masse out of China, and Malaysia has emerged as a natural sweet spot," he said.
"It is not as costly as Singapore, yet more stable and institutionally reliable than Vietnam.
"Add to that a well-established semiconductor ecosystem, and Malaysia becomes a highly compelling destination," he added.
Sim also said that he would not be surprised if the ringgit continues to strengthen against the Singapore dollar.
"So don’t be surprised if the ringgit continues to strengthen... potentially moving into the 3.0X range, or even crossing the psychological threshold below 3 within the next 18 months.
"Malaysia is easing monetary policy, which adds further downward pressure on the SGD," he said.
"Just a reminder, as recently as September last year, the exchange rate was still hovering around RM3.3 to SGD1," he added.
He also noted that history has proven that the strengthening of the ringgit against the SGD is possible.
"In the 1990s, Sterling traded at 3X of SGD, similar to SGD to Ringgit.
"Exchange rates are not static. When fundamentals shift, so do currencies," he added.
