MP calls Malaysians to boost ringgit by choosing local products

In a bid to strengthen the Malaysian Ringgit, Sim Tze Tzin, Member of Parliament for Bayan Baru, Penang, has called upon Malaysians to make conscious choices and support local products in their daily lives.

The ringgit has experienced a 4.8% fall this year, reaching a low of 4.80 against the US dollar, the lowest since September 1998. While external factors have been cited as the primary cause for the currency’s depreciation, the former Deputy Minister took to Facebook to suggest the role Malaysians can play in strengthening the ringgit from within.

Sim Tze Tzin revealed that the Prime Minister regularly meets with the Governor of Bank Negara Malaysia (BNM) to strategize on ways to fortify the Ringgit. However, he believes that citizens also play a crucial role in this economic endeavor.

The parliamentarian emphasized the need for collective efforts, stating that while the government works on fiscal and monetary policies, the power of the Ringgit lies in the hands of the Malaysian people, who are the largest holders of the currency.

In a statement, Sim Tze Tzin said, “We, collectively, have the power to do something. Let’s brainstorm what we can do to help the Ringgit from our daily lives.”

Making conscious consumer choices

The parliamentarian pointed out that one significant area where citizens can contribute is in their choice of groceries. He highlighted that many supermarkets, especially in the Klang Valley, predominantly offer imported products, with over 60% being foreign goods.

Drawing attention to the abundance of local alternatives, Sim Tze Tzin suggested considering products such as locally grown fruits and vegetables over their imported counterparts. He mentioned examples like choosing Cameron Highland’s broccoli over imported broccoli and supporting Malaysian brands like Spritzer for beverages.

“If we buy imported goods, Ringgit flows out of Malaysia. Therefore, we must make a choice to support local,” he urged tagged to create awareness among Malaysians about the economic implications of their purchasing decisions.

Sim Tze Tzin emphasized that these seemingly small choices in purchasing local products could have a significant impact on the nation’s economy. “Malaysians, we are not so powerless. We can help strengthen our Ringgit by making little changes in our daily choices,” he added.

Empowering Malaysian for economic resilience

The call to action by the Member of Parliament aligns with the broader #supotlokal (support local) movement, encouraging Malaysians to prioritize homegrown products for the betterment of the country’s economic resilience.

As the government grapples with external economic challenges, Sim Tze Tzin’s proposal seeks to empower citizens to be active participants in the nation’s economic well-being. Whether these grassroots efforts will have a substantial impact on the ringgit’s value remains to be seen, but the call for citizen involvement has sparked conversations about the role individuals can play in shaping the country’s economic destiny.