‘A source of anxiety for many, but a boon for others’

PETALING JAYA: The weak ringgit may be a matter of concern for many, but it could also be a blessing, an economist says.

Prof Dr Barjoyai Bardai, who leads a team of Islamic banking and finance experts, said many countries deliberately devalue their currencies.

“Every country is seeing their currency slide except the United States, but the sliding points are different between countries,” he added.Prof Bardai said the ringgit is actually strengthening when compared with the yen, pound sterling and Chinese yuan. “We are worried because it would increase the cost of living, and this is due to higher prices of [imported] goods. And when wages remain the same, many feel poorer,” he said.“We call it stagflation. It is when inflation in the whole world increases amid a flat growth rate because the global economy is frozen.

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