A 2009 study of 1.3 million Malaysian workers by the Ministry of Human Resources showed that almost 34 percent earned less than 700 ringgit a month — below the official poverty line of 720 ringgit. |
The Asian financial crisis was in full throttle, and the Malaysian ringgit, along with most other regional currencies, was falling fast. |
To reduce the government subsidy on fuel, Mahathir said diesel and petrol prices will increase by 10 sen per liter to 0.80 and 1.20 ringgit respectively. |
The value of the ringgit has been seen as too low compared with other regional currencies which have gained strength reflecting the rising economy. |
As of 14 January, public contributions for domestic tsunami victims have exceeded 53 million ringgit. |
Many analysts are also of the view that the ringgit is undervalued, but the Malaysian government maintains that it is at a competitive level. |