Kota Kinabalu: “While everyone is focused on the recent policies of the government resulting in total price hikes in almost every item, the ringgit has been depreciating alarmingly almost unnoticed by most ordinary man in the street” said Datuk Dr. Jeffrey Kitingan, STAR Sabah Chief, noting that the Ringgit has fallen by one of the biggest margin in 2013 since the 1997 economic meltdown.
Based on statistics from Bank Negara Malaysia of the rates from the Interbank Foreign Exchange Market in Kuala Lumpur, in December 2013 alone the Ringgit lost almost 2% against the US Dollar from 3.2230 to 3.2815. From 02 January 2013 when the exchange rate was RM3.0375, the resultant depreciation of the Ringgit is 8.03% for the whole of 2013.
Based on statistics from Bank Negara Malaysia of the rates from the Interbank Foreign Exchange Market in Kuala Lumpur, in December 2013 alone the Ringgit lost almost 2% against the US Dollar from 3.2230 to 3.2815. From 02 January 2013 when the exchange rate was RM3.0375, the resultant depreciation of the Ringgit is 8.03% for the whole of 2013.