In a recent statement over his Facebook, Ashraf Zikri has made an audacious claim, alleging that Tun Daim Zainuddin is intentionally sabotaging the Malaysian ringgit.
Such an accusation is arguably one of the most preposterous claims to date. If we were to believe Ashraf, we would have to equate Tun Daim to Soros, the infamous rogue currency trader responsible for the Asian Financial Crisis in 1998.
According to Ashraf, Tun Daim, who is now believed to be the mastermind behind the decline of the Malaysian currency, supposedly has billions of ringgit stashed overseas and is swiftly selling off the ringgit at an alarming rate.
Ashraf’s comparison of Tun Daim to a wayang kulit puppeteer suggests that he believes Tun Daim is orchestrating the depreciation of the ringgit. Additionally, Ashraf alleges that Tun Daim utilizes his overseas banks to sell off the Malaysian currency rapidly.
These claims bear a striking resemblance to the actions of George Soros during the Asian monetary crisis in the 1990s. However, it is crucial to question why Tun Daim would engage in such activities.
Is it possible that Tun Daim holds such animosity towards his own country or a specific individual, such as PMX, that he would go to the extent of depleting his own bank accounts to bring down Anwar Ibrahim?
However, it is evident that Anwar Ibrahim, having waited patiently for over two decades to become Prime Minister, will not relinquish his hard-fought position due to the falling ringgit or the actions of any currency trader.
It is worth noting that even Tun Mahathir did not step down from his premiership during the Soros incident.
Therefore, the idea proposed by Ashraf seems far-fetched. Such a scheme would require billions of ringgit to execute, which, from a rational standpoint, makes it naive to suggest that a bank would deplete its reserves for sentimental reasons alone.
Tun Daim is known to be a shrewd businessman who carefully weighs his decisions.
For instance, during the 1997 crisis, Bank Negara’s trading volume of the currency amounted to RM 300 billion, resulting in a mere RM 30 billion after covering their position with currency agents to stabilize the ringgit.
More recently, speaking to MalaysiaNow, Mohd Afzanizam Abdul Rashid, an economist, said that the strengthening and weakening of the local currency was determined by market forces driven by demand.
Economy Minister Rafizi Ramli himself said that the drop in ringgit value was due to economic and financial uncertainties in the US.
Bank Negara Malaysia meanwhile said that the depreciation of the ringgit against the US dollar was not unique to Malaysia, and that the currency should improve as global uncertainties subside.
In conclusion, Ashraf Zikri’s allegations against Tun Daim seem outlandish and lack substantial evidence. It is essential to approach such claims with scepticism and rely on factual information to form a more accurate understanding of the situation.
Source : Newswav
The Coverage Malaysia
