The above is the latest monthly chart.
Yes, it is just off the new high of 4.48. But that is not the point at all.
Ever since Tan Sri Zeti shrugged off her responsibility as Manager of the National Reserve and her role as Central Banker to manage and monitor the Ringgit to pass the buck to government by meddling in politics to ask politicians to end political perpetal quarrel and MoF to sort out 1MDB on September 20th., Ringgit has continued to decline unabated.
Prior to her statement, ringgit had plateau off and strengthen back to 4.20 level. The simple analysis shows she intentionally pushed Ringgit to fall further.
To support this suspicion, did Bank Negara do anything to halt the decline or at least, control the speed of descend since September 20th when trend was steeping?
Answer is NO.
There is no serious effort to intervene. No significant change in interest rate policy. No persuasion on local bankers.
The interpretation of her statement can be found in previous posting here .
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| No action and 2 statements since April? |
The same thing when it was climbing up to 4.30. Nothing except the statement below:
Only two statements from the so-called highly respected Bank Negara Malaysia Governor?
NO action taken. Merely token presence.
When US/Yen was whacked down in mid 1980s, the then US Secretary of Treasury, James Baker was making statements as frequent as twice to thrice a week.
When G-7 was defending the dollar's steep fall in the early 90s, all Central Bank Governors, Ministers of Finance and US Treasury of Secretary and Britain's Chancellor of the Exchequer made their presence in the media and market felt to stem the fall.
Since criticising her ability only brought out personal attack as the most capable intelligent response, then she is supposed to know what she is doing.
Why is she not doing?
Is it fair to say that she dare not do? If that is not so too, then it means she does not know what to do then?
There is a thing called overanalysis leads to paralysis. And, actions speak louder than words (or Wharton degree or awards and various accolade).
The "close friend" to an SMS sender knew the responsibility is to heavy for her.