KUALA LUMPUR (Sept 13): The ringgit has been one of the best performing Asian currencies this year, indicating local and foreign investors’ confidence over its relative strength despite a change of Government, Finance Minister Lim Guan Eng said today.

In a statement today, Lim said up till Sept 11 this year, the value of the ringgit against the US dollar has dropped by only 2.2% compared with the Australian dollar, rupiah, yuan, won and Singapore dollar that had weakened by 9.9%, 9.8%, 5.6%, 5.7% and 3% during the same period.

He was commenting on former Prime Minister Datuk Seri Najib Razak's remarks on Facebook yesterday, who said the ringgit had failed to improve after the change in government in the 14th general election in May in accordance with the rise in crude oil prices.

“Generally, the ringgit would strengthen when oil price is up but you can see that it has dropped 30 sen to RM4.15 now although the price of a barrel is US$78. I am worried that if crude oil prices dip, the ringgit would be badly hit,” Najib wrote in his post.

Lim said Najib’s allegations are baseless as the latter had failed to consider that the ringgit’s value is not only determined by crude oil prices.

“He intentionally failed to take into account key factors such as the strengthening of the US dollar, the financial crisis in emerging markets, and uncertainties in the global economy due to the trade war between US and China,” he added.

Lim also said the Pakatan Harapan Government is confident that the value of the ringgit would improve in the medium term as the country's public debt problem and scandals like 1Malaysia Development Bhd are resolved.