Is a 1986 hit for Tina Turner from the break every rule album. Well Vincent Tan has come out and said it as it is on the Ringgit, at a time when the internal war at Media Prima, has seen them Break Every Rule and pump out negative reports on the Ringgit and the state of the economy.
Vincent Tan though is saying What You Get Is What You See, which incidentally is out in the PKR friendly Free Malaysia Today :
Malaysian businessman and investor Vincent Tan said the weakening ringgit could result in a higher trade surplus and positive growth for the country, as seen during the Asian financial crisis in 1997.
He disagreed with currency experts who said the weakening ringgit was bad for the country, arguing instead that currency depreciation was not a bad thing.
He cited as an example the 1997 financial crisis when the Malaysian ringgit had dropped from RM2.50 to RM3.80 against the US dollar. The government then pegged it at RM3.80.
The depreciation of the ringgit saw the country recording a higher trade surplus, said Tan during a press conference here after he attended The Economic Times-Asian Business Leaders Conclave, a two-day event to promote business ties between India and Malaysia.
“When the ringgit was RM2.50 to US$1, we had a trade deficit. After it was pegged at RM3.80, Malaysia recorded a trade surplus.
“It means we had a lot of savings. No trade deficit. Deficit means we have to borrow. The country did very well when the country’s currency depreciated.
“So, even if the currency is down to RM4 plus (to US$1) now, it is good for exporters.
“Naturally, things are more expensive. We buy fewer expensive things. We spend less. We export more.
“We will have more savings in the country. We will have a trade surplus.
