{"id":61819,"date":"2024-02-23T11:06:27","date_gmt":"2024-02-23T03:06:27","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=61819"},"modified":"2024-02-23T11:06:27","modified_gmt":"2024-02-23T03:06:27","slug":"opr-ringgit-slide","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide","title":{"rendered":"Raising The OPR To Stop Ringgit\u2019s Slide Not A Good Idea, Says Fahmi Fadzil"},"content":{"rendered":"

Communications Minister Fahmi Fadzil has stated that the suggestions to raise the Overnight Policy Rate (OPR) to help strengthen the ringgit is not a good idea, due to the effects it can have on Malaysians.<\/p>\n

He said that he is aware of comments made by the people, but he is not sure if there are parties who want the OPR to be increased.<\/p>\n

Suggestions for Bank Negara Malaysia (BNM) to increase the OPR has been making its rounds on social media, as it is seen to be a measure that can help strengthen the ringgit, and stop its slide.<\/p>\n

According to a report from Bernama<\/a>, Fahmi Fadzil, who is also the spokesperson for the Unity Government, stated at a post-Cabinet meeting press conference that the Prime Minister, Datuk Seri Anwar Ibrahim is concerned regarding the ringgit’s continuous fall, but he himself doesn\u2019t think that raising the OPR is a good idea.<\/p>\n

However, he does concur that in the end, it’s a decision to be made by BNM.<\/p>\n

<\/span>Cabinet did not discuss ringgit’s\u00a0<\/strong>performance<\/b><\/span><\/h2>\n

When asked by reporters if the Cabinet meeting discussed the ringgit\u2019s performance, he said no.<\/p>\n

This is due to the fact that the BNM\u2019s governor Datuk Abdul Rasheed Gaffour and Finance Minister II Datuk Seri Amir Hamzah has already provided a succinct explanation regarding ringgit\u2019s performance.<\/p>\n

In his statement, Rasheed stated that although it might look like the ringgit is in a bad place now, it doesn\u2019t reflect the positive outlook of Malaysia\u2019s economy, which is fueled by an increase in foreign investments.<\/p>\n

He also stated that the ringgit’s bad performance is impacted by external factors, much like other regional currencies.<\/p>\n

<\/span>Analysts agree there is no need to raise the OPR<\/span><\/h2>\n

Previously, analysts<\/a> have also stated that there is no need to raise the OPR, even though ringgit’s performance has deteriorated significantly compared to its regional peers.<\/p>\n

Bank Muamalat Malaysia’s chief economist, Dr Mohd Afzanizam Abdul Rashid, stated that there is no guarantee that raising the OPR will strengthen the ringgit.<\/p>\n

Meanwhile, lecturer at Tun Abdul Razak University’s Graduate School of Business Studies Professor Emeritus Dr Barjoyai Bardai stated that the reason other regional currencies are not seeing a deterioration as bad as the ringgit is likely due to the fact that Malaysia’s reserve of US dollars are smaller compared to its neighbouring countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.<\/p>\n","protected":false},"author":51,"featured_media":52793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[1793,826,546],"class_list":["post-61819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-malaysia-economy","tag-opr","tag-ringgit"],"acf":[],"yoast_head":"\nRaising The OPR Not A Good Idea, Says Fahmi Fadzil<\/title>\n<meta name=\"description\" content=\"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raising The OPR Not A Good Idea, Says Fahmi Fadzil\" \/>\n<meta property=\"og:description\" content=\"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-23T03:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haziq Alfian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Alfian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide\",\"url\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide\",\"name\":\"Raising The OPR Not A Good Idea, Says Fahmi Fadzil\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg\",\"datePublished\":\"2024-02-23T03:06:27+00:00\",\"dateModified\":\"2024-02-23T03:06:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\"},\"description\":\"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage\",\"url\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg\",\"contentUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg\",\"width\":1200,\"height\":601,\"caption\":\"Image source: pixabay\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Updates\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/news-updates\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Raising The OPR To Stop Ringgit\u2019s Slide Not A Good Idea, Says Fahmi Fadzil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\",\"name\":\"Haziq Alfian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"caption\":\"Haziq Alfian\"},\"description\":\"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Raising The OPR Not A Good Idea, Says Fahmi Fadzil","description":"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide","og_locale":"en_US","og_type":"article","og_title":"Raising The OPR Not A Good Idea, Says Fahmi Fadzil","og_description":"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.","og_url":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide","og_site_name":"iMoney Malaysia","article_published_time":"2024-02-23T03:06:27+00:00","og_image":[{"width":1200,"height":601,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg","type":"image\/jpeg"}],"author":"Haziq Alfian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Haziq Alfian","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide","url":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide","name":"Raising The OPR Not A Good Idea, Says Fahmi Fadzil","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage"},"thumbnailUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg","datePublished":"2024-02-23T03:06:27+00:00","dateModified":"2024-02-23T03:06:27+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a"},"description":"Fahmi Fadzil has stated that the calls for BNM to raise the OPR to stop Ringgit\u2019s slide is not a good idea.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/opr-ringgit-slide"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#primaryimage","url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg","contentUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2022\/05\/19164219\/Ringgit-Malaysia.jpg","width":1200,"height":601,"caption":"Image source: pixabay"},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/opr-ringgit-slide#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"News Updates","item":"https:\/\/www.imoney.my\/articles\/category\/news-updates"},{"@type":"ListItem","position":3,"name":"Raising The OPR To Stop Ringgit\u2019s Slide Not A Good Idea, Says Fahmi Fadzil"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a","name":"Haziq Alfian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","caption":"Haziq Alfian"},"description":"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.","url":"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/61819"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=61819"}],"version-history":[{"count":3,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/61819\/revisions"}],"predecessor-version":[{"id":61822,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/61819\/revisions\/61822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/52793"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=61819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=61819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=61819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}